President Rodrigo Roa Duterte promised Overseas Filipino Worker’s to open the Philippines Postal Bank as Overseas Filipino Workers Bank on February 2018.
Banko Sentral ng Pilipinas has already given its go signal for the Land Bank of the Philippines to acquire the Philippine Postal Bank..
This was stated by Deputy Governor Chuchi G. Fonacier, Monetary Board of the BSP’s highest policy-making body last December 7.
He said, documents for approval were waiting for BSP to formally establish the Overseas Filipino Bank (OFB).
On the other hand, Bureau of Treasury and the Landbank of the Philippines were now exploring ways of mobilizing savings of overseas-based Filipinos for them to invest the country’s capital markets.
“Loans for house repair, for educating the beneficiaries here, and direct remittances to schools, so those are the programs we have discussed with Labor Secretary Silvestre Bello III and he seems to be very happy about the service we would be providing,”BTF said.