Overseas Filipino workers will get their own bank next month. Plans are underway to roll out the Overseas Filipino Bank (OFB) after the Landbank of the Philippines took over the Philippine Postal Savings Bank this week.
On Thursday, Arsenio M. Balisacan, the chairman of the Philippine Competition Commission, said the take over had been approved, the Philippine Daily Inquirer reported.
Last October, President Rodrigo Duterte rubber-stamped an executive order to convert the Philippine Postal Savings Bank into the OFB, which will cater for overseas Filipino workers.
Carlos G. Dominguez III, the Philippine Finance Secretary, confirmed that the OFB will be launched on Jan. 18. Official operations will start next month, according to Alex V. Buenaventura, the president of Landbank.