MANILA - The Department of Finance (DOF) said on Monday that there won’t be any delay in the initial operations of the Overseas Filipino Bank (OFB) slated for January 2018.
The Bangko Sentral ng Pilipinas (BSP) assured that approvals of clearing institutions will be secured before the year ends, DOF said.
Finance Secretary Carlos Dominquez III said the OFB will offer banking services to Overseas Filipino Workers (OFWs) and overseas-based Filipinos, providing "quality and efficient foreign remittance services."
"BSP Governor Nestor Espenilla Jr. has confirmed that the requisite approvals from the Monetary Board and the BSP will be secured before year-end," Dominguez said in a statement.
Dominguez noted that Malacañang’s approval of the acquisition of Philippine Postal Savings Bank (PPSB) by the Land Bank of the Philippines (LandBank) will expand the coverage of the new 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 all overseas Filipinos, the Overseas Filipino Bank," Dominguez added.
President Rodrigo Duterte ordered the Philippine Postal Corp. and the Bureau of Treasury (BTr) to transfer PPSB shares to the LandBank at zero value, in the Executive Order No. 44 issued last Sept. 28.
Aside from remittance services, the OFB will offer loan programs to OFWs planning to return to the country to start businesses or to build homes, Dominguez added.