GOOD NEWS| ANGALING NG BAGONG NAISIP Ni DUTERTE PARA SA ATING OFW AROUND THE WORLD 'OFW BANK

PRESIDENT Rodrigo Duterte has approved the Land Bank of the Philippines' (LBP) acquisition of Philippine Postal Savings Bank (PPSB), which will subsequently be converted into Overseas Filipino Bank (OFB).
Duterte signed Executive Order (EO) 44, giving LBP the green light to procure PPSB following the recommendation of Governance Commission for Government-Owned and -Controlled Corporations since PPSB's functions "are no longer consistent with national development policies and programs."
The PPSB, a subsidiary of the Philippine Postal Corporation (PPC), is strategically equipped to provide the needed financial and remittance services to Filipinos overseas and their families.
The President, however, cited the need to push for a policy bank that would provide efficient services for 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.
Under EO 44, the PPC and the Bureau of Treasury were instructed to transfer all their respective shares in PPSB to LBP at zero value.
The PPSB was also directed to transfer all its assets, liabilities, records, systems, and other appurtenant items to LBP. All PPSB officers and employees who voluntarily elect to be retired or may be separated from service would be granted retirement incentive.
LBP was mandated to infuse the necessary capital to OFB, which will be composed of nine members.
The OFB would consist of LBP as chairperson, LBP-designated OFB President as vice chairperson, four LBP-designated directors as members, a representative from Labor department, a representative from Overseas Workers Welfare Administration, and a representative from the private sector.
Duterte signed EO 44 on September 26 but the document was released by MalacaƱang just on Monday, October 9. (SunStar Philippines)
GOOD NEWS| ANGALING NG BAGONG NAISIP Ni DUTERTE PARA SA ATING OFW AROUND THE WORLD 'OFW BANK GOOD NEWS| ANGALING NG BAGONG NAISIP Ni DUTERTE PARA SA ATING OFW AROUND THE WORLD 'OFW BANK Reviewed by Anne Adams on October 09, 2017 Rating: 5

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