Overseas Filipino Bank opening in January

MANILA, Philippines — The Department of Finance (DOF) said yesterday the launch of the Overseas Filipino Bank will proceed as planned in January next year.

“The launching of the bank will not be delayed. BSP Governor Nestor Espenilla Jr. has confirmed the requisite approvals from the Monetary Board and the BSP will be secured before yearend,” Finance Secretary Carlos Dominguez said.

Aside from the BSP, Dominguez said he is also confident the Securities and Exchange Commission and the Philippine Competition Commission would also fasttrack their respective approval processes for the bank.

“The Department of Finance moved quickly to help deliver on the President’s campaign promise to create a financial institution totally dedicated to catering to the needs of overseas Filipinos,” Dominguez said.

To deliver this commitment, the DOF pushed for the Landbank’s acquisition of Postal Savings Bank, which will then be converted into the Overseas Filipino Bank. Duterte signed in October the EO granting the approval for the acquisition.

Dominguez said the new bank would become a subsidiary of Landbank and would cater to the needs of overseas Filipino workers as well as immigrants.

Dominguez said one of the key features of the OFB would be the provision of a remittance service for OFWs as well as a loan program for Filipinos planning to return to the country.

He said the Landbank and the Bureau of the Treasury are also exploring ways on how to mobilize the savings of overseas Filipinos.