After more than a decade, the Philippine Postal Savings Bank (PPSB) will complete its transition into the Overseas Filipino Bank (OFB) on January 20, 2018.
“More than one month from now, we will be launching the Overseas Filipino Bank,” Labor Secretary Silvestre Bello III said Thursday during the department’s end-of-the-year press briefing.
Bello said this was pursuant to President Rodrigo Duterte’s Executive Order No. 44, which was signed on October 9 and which seeks to turn the PPSB over to the Land Bank of the Philippines to dedicate it for the use of OFWs.
The Bangko Sentral ng Pilipinas has approved the conversion of the PPSB as early as 2006 though concepts for a bank for overseas Filipinos have supposedly floated around since the 70’s.
“Nung 1972, late 70’s, early 80’s hanggang late 80’s, palaging ‘yan ang pinapangako ng bawat pinuno ng Pilipinas. OF Bank, OF Bank. Ngayon lang naging realidad itong OF Bank,” Bello said.
Bello said he recommended one land-based OFW, one sea-based OFW, and Philippine Overseas Employment Administration head Hans Leo Cacdac as representatives to the board of the OFB bank.