According to the Philippine Competition Commission, the Landbank of the Philippines had submitted the documents to acquire the Philippine Postal Bank and convert it to Overseas Filipino Bank.
According to Chuchi G. Fonacier, the BSP Deputy Governor , the BSP Monetary Board had approved the application of Landbank last December 7. Likewise, BSP Governor Nestor A. Espenilla announced that the target opening of the said bank will be in February 2018. Landbank is still waiting for the approval of the PCC pursuant to the Republic Act No. 10667 or the anti-trust law.
The head office of the Overseas Filipino Bank will be launch in Liwasang Bonifacio. After which, the first branch will be opening in Dubai on April 2018.
President Duterte had signed the Executive Order No.44 in October that ordered the Bureau of Treasury and the Philippine Postal Corp. to transfer their shares to Landbank at zero value. Likewise, the Executive Order mandates Landbank to allot capital to Overseas Filipino Bank.
The Overseas Filipino Bank will be designed and cater all Filipinos working and living abroad as promised by President Duterte. The key feature of this bank is a remittance service for OFWs and a loan program in which OFWs planning to return in the country can borrow fund to build their homes or start businesses.
Likewise, the Bureau of Treasury and Landbank were working together to explore other ways that can help OFWs to mobilize their savings and encourage them to invest the capital market of the country. Through the Overseas Filipino Bank, OFWs will have the opportunity to access easy funds for house repairs and other loan programs as discussed with the Department of Labor and Employment.
Thus, many Filipinos working and living abroad were hoping that the bank will open soon and that application won’t be a burden for them.