The Office of the President on October 9 released Executive Order (EO) No. 44 which approved the Land Bank of the Philippines’ (LBP) acquisition of Philippine Postal Savings Bank (PPSB).
The said EO also authorized the conversion of PPSB into Overseas Filipino Bank (OFB). The overseas Filipino bank aims to efficiently deliver microfinance and micro-insurance products and services for Filipinos living abroad.
“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,” EO No. 44 underscored.
“In order to strengthen the capital base of OFB and enable the same to attain its primary agenda of servicing the various financial and banking needs of overseas Filipinos, the LBP is hereby directed to infuse the necessary capital of OFB,” EO No. 44 stated.
The affairs and businesses of OFB will be managed by a 9-member Board of Directors composed of the LBP President as OFB Chairperson; LBP-designated OFB President as Vice Chairperson; four LBP-designated directors or officers as members; and one representative each from the Department of Labor and Employment (DOLE), the Overseas Workers Welfare Administration (OWWA), and the private sector representing overseas Filipinos, as members.
“The members representing the DOLE, OWWA, and overseas Filipinos shall be appointed by the President,” the EO said.
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