Duterte launches Overseas Filipino Bank for PH modern heroes

Duterte launches Overseas Filipino Bank for PH modern heroes

Another  campaign promise fulfilled by President Rodrigo Roa Duterte.

It was very much known that the vote of the Overseas Filipino Workers (OFWs) across the planet made significant contributions when then Davao city Mayor Duterte ran for President in 2016. And the President never forgets to take note of their plight as Filipinos making a living in different countries.

Today (January 18, 2018) the President led the launching of the Overseas Filipino Bank, just over three months from the time he signed the executive order creating it. *

President Rodrigo Duterte in Liwasang Bonifacio in Manila during the launching of the Overseas Filipino Bank (photo credit to Manila Times)
The creation of the Overseas Filipino Bank was principally geared to provide financial and remittance services tailored to the needs of overseas Filipino workers (OFWs) and their families.

It is expected to offer a wide range of banking products - from deposits, loans and investments, to remittances and payment services — that matches the needs of OFWs.

In his speech, he recalls the time when he promised during the campaign that he will create a bank that will specifically cater to the needs of the Overseas Filipino Workers and their respective families.

“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 (I fulfilled my campaign promises),” the President said.

Executive Order no. 44 was signed by the President last September 2016, approving the acquisition of the Philippine Postal Savings Bank (PPSB) by the Land Bank of the Philippines (LBP).

From the said acquisition Land Bank converted the Philippine Postal Savings Bank (PPSB) to an Overseas Filipino Bank.

The president takes note of the number of OFWs, that a policy was executed that will provide efficient services for the hundred of thousands migrant Filipinos.

“Overseas-based Filipinos, who contribute to the country’s foreign exchange income, currency stability, employment and overall economic growth through their remittances should be given provision of priority support for their growing financial needs,” Duterte said in EO 44.

“There is a need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services,” he added.
Report from Manila Times



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