By Genalyn D. Kabiling
President Duterte said he is “very happy” to fulfill one of his campaign promises – the creation of a bank especially for overseas Filipinos.
The President inaugurated the Overseas Filipino Bank that will provide financial products and services to Filipinos working and living abroad last Thursday.
“Mga kababayan ko, I made simple promises during the election. I am not into politics but I would just like to remind you that I kept my campaign very simple, with about four basic fundamental promises and I am very happy that mukhang naibigay ko sa inyo,” Duterte said during the launching of the new bank in Manila.
In September 2017, the President issued Executive Order No. 44 approving the acquisition of the Philippine Postal Savings Bank Inc. by the Land Bank and its conversion into the OFBank.
Duterte had said there was a need to establish a bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos and focused on delivering quality and efficient foreign remittance services.
The OFBank, a bank subsidiary of the Land Bank, will have the main branch at Liwasang Bonifacio, Manila and will provide services in 423 Land Bank branches and extension offices nationwide.
Its banking services include deposits, loans and investments, payments, and remittance.
The bank also plans to deploy representatives inside Philippine embassies and consular offices.
It will start with the operations inside the Philippine Embassy in Abu Dhabi, United Arab Emirates as well as the consular offices in Dubai, UAE and Bahrain by the second quarter of the year.