Overseas Filipino Bank to Start Operations on Jan. 2 ’18

The proposed bank targeted for Overseas Filipino Workers (OFWs) will commence operations on Jan. 2, next year.

Land Bank of the Philippines (Landbank) president and CEO Alex Buenaventura, in an interview by PNA Friday, said they re-submitted to the Bangko Sentral ng Pilipinas (BSP) on Thursday their application to acquire Postal Bank.

He said he was able to talk with BSP Governor Nestor A. Espenilla Jr. and was given an assurance that the policy-making Monetary Board (MB) “will fast-track the approval before the year ends.”

While operations will start on January 2 next year, Buenaventura said formal launching will be held in April of the same year.

He said initial marketing of the bank will be done by the bank’s head office, to be located at the Liwasang Bonifacio in  Manila, by talking to OFW beneficiaries.

“We will meet with OFW beneficiaries and market the products for their OFW relatives. We will give out kits,” he said.

Buenaventura said a pilot representative office will be opened at the Consular Office in Dubai by April next year.

Asked for the reason why Dubai was chosen, the Landbank chief said it was recommended by the DOLE (Department of Labor and Employment).

(Source: FilipinoTimes.net)