PRESIDENT Rodrigo Duterte on Thursday, January 17, led the ceremonial opening of the Overseas Filipino Bank in an effort to respond to the financial needs of Filipino migrant workers and their families.
This is in fulfillment of his promise to create a bank dedicated to OFWs.
In his speech during the launch, Duterte said he was happy that he was able to live up to his campaign promises.
“Itong bangkong ito ay isang pangako noong late 70s pa,” Labor Sec. Silvestre Bello told The Filipino Times Online.
“Ngayon lang ito maipatutupad dahil sa political will ni Presidente Duterte. Even from the very start of his administration, he directed me as Labor Secretary to see to it that the OFW Bank will be established sooner than later. And it has materialized today,” he added.
“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.
According to Bangko Sentral ng Pilipinas, OFW remittances rose by 4.2 percent to $23.06 billion from January to October 2017 compared to $22.12 billion in the same period in 2016. On September 26, 2017, Duterte signed Executive Order 44, which approved the acquisition by Landbank of the Philippine Postal Savings Bank (PPSB), which was to be converted into the Overseas Filipino Bank.
The PPSB was ordered to expedite the transfer of all assets, liabilities, records, systems and other related items to Land Bank.
Duterte also ordered the Land Bank to infuse capital into the Overseas Filipino Bank.
Duterte said there was a need to push for a policy bank that would provide efficient services for migrant Filipinos.