President Rodrigo Duterte on Thursday led the inauguration of the Overseas Filipino Bank at the Postbank Center in Manila.
“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 in his speech.
In September 2017, Duterte signed Executive Order No. 44, creating the OFB.
Under EO 44, the Philippine Postal Corp., which owns Postbank, and the Bureau of Treasury were ordered to transfer their thrift bank shares to Landbank at zero value.
The EO stated that the chairperson of Land Bank would serve as head of the 9-member board of directors of the OFB.
The OFB would provide financial and remittance services for overseas Filipino workers (OFWs), their families and Filipinos living abroad.
Aside from Manila, Labor Secretary Silvestre Bello III said the OFB would have branches in key cities in the country, which include Cebu and Davao City before expanding to other areas.
Duterte had earlier promised to create a bank that would cater to the needs of Filipino workers abroad.