Duterte makes good on promise to open bank for OFWs

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Metro Manila (CNN Philippines, January 18) — President Rodrigo Duterte led the launching of the Overseas Filipino Bank (OFB), an institution that will cater to Filipinos abroad – overseas Filipino workers, immigrants, and those with resident visas.

It will provide financial services, including loans and investment tools, tailored to the requirements of Filipinos overseas.

The OFB will also offer remittance service with the cheapest, fastest, secure, and most convenient mobile credit-to-account system.

It will deploy foreign representatives inside Philippine embassies and consular offices. By the second quarter of 2018, representatives will  be deployed to the Philippine embassy in Abu Dhabi and the Philippine Consular Office in Bahrain.

Duterte signed Executive Order (EO) 44 in September 2017, paving the way for the Land Bank of the Philippines to acquire Philippine Postal Savings Bank (PPSB). It stated PPSB will be converted to the OFB.

RELATED: Duterte creates special bank for overseas Filipinos

In October, Labor Secretary Silvestre Bello said the OFB will have a nine-man board chaired by the Land Bank president.

RELATED: Overseas Filipino bank to open in Jan. 2018

The OFB was Duterte's campaign promise.

CNN Philippines Digital producers Eimor Santos and Chad de Guzman contributed to this report.