Philippine President Rodrigo Duterte launched on Thursday the Overseas Filipino Bank, which will cater to the needs of workers and other Filipinos abroad.
Last September 26, Duterte signed an executive order approving the Land Bank of the Philippines’ acquisition of the Philippine Postal Savings Bank, which would become the Overseas Filipino Bank, The SunStar reported on Thursday.
“I am very happy that I fulfilled my campaign promises,” he said during the launch of the new bank. “Through the Overseas Filipino Bank, we give back what is due to our compatriots abroad through a bank specially dedicated to servicing their banking and financing requirements.”
Financial Secretary Carlos Dominguez said the bank would provide financing to Filipinos returning from abroad to build their own houses and start their own businesses.
The Overseas Filipino Bank is expected to offer deposit services, loans, investments, and remittance and payment services.