GOOD NEWS: "OFW may banko na! - Duterte signed EO to create bank for OFW!"

President Rodrigo Duterte signed an executive order (EO) approving the acquisition of the Philippine Postal Savings Bank (PPSB), which the government planned to convert into a bank for overseas Filipino
workers (OFWs).
Signed on September 28 but released to the press on Monday, October 9, EO 44 ordered the Philippine Postal Corporation and the Bureau of the Treasury to transfer their PSPB shares to the Landbank of the Philippines (LBP) at zero value.
The OFW bank will be headed by a Board of Directors consisting of the following members:
  • LBP President as Chairperson
  • LBP-designated OFW President as Vice Chairperson
  • 4 LBP-designated directors or officers as members
  • A member representing the Department of Labor and Employment (DOLE)
  • A member representing the Overseas Workers Welfare Administration (OWWA)
  • A private sector member representing overseas Filipinos
The LBP was also ordered to infuse capital and implement a reorganization plan for the new bank.

The board of directors of the OFB will consists of nine members with the LPP president as the chairperson.
PPSB officers who might be affected by the acquisition were also offered an early retirement incentive plan.
In converting the PPSB to a bank that will service the various financial and banking needs of overseas Filipinos, EO No. 44 noted that PPSB, which has 31 branches nationwide, is strategically equipped to provide the needed financial and remittance services to overseas-based Filipinos and their families.
According to the EO, PPSB will be converted into the "Overseas Filipino Bank” which is a “policy bank dedicated to provide financial products and services tailored to the requirement of overseas Filipinos" and will focus on delivering "quality and efficient foreign remittance services.”
Under EO 44, the Philippine Postal Corporation and the Bureau of Treasury will be transferring their PSPB shares to the Landbank of the Philippines (LBP) at zero value.
To strengthen the capital base of OFB and enable it to attain its primary agenda, Land Bank was ordered to infuse the necessary capital to the OFB.

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