Finally, after a decade of careful planning, Labor Secretary Silvestre Bello III announced the most-awaited opening of the Overseas Filipino Bank (OFB) which will be happening on January 20, 2018.
Pursuant to the President’s Executive Order No. 44, Duterte had signed last October 9 a memorandum turning over the Philippine Postal Savings Bank (PPSB) to the Land Bank of the Philippines and dedicate its use primarily for the Overseas Filipino Workers (OFWs).
Apparently, the Bangko Sentral ng Pilipinas (BSP) had already approved the conversion of PPSB as early as the year 2006. It was then around the late ‘70s and early ‘80s when the government had promised about the bank but it never materialized.
It was just under President Duterte’s government that it was finally realized. Duterte was able to fulfil his promise after almost a year.
Labor Secretary Bello had recommended POEA Administration Head Hans Leo Dacdac as one of the representatives to the board of the OFW bank together with one land-based OFW and one sea-based OFW.
The said bank is primarily intended to cater to the needs of the OFWs.