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BSP vows to speed up OFW bank creation

The Bangko Sentral ng Pilipinas (BSP) said earlier this week it will prioritize the approval of the Overseas Filipino Bank (OFB), a financial institution handling remittance of Filipinos abroad.

“(The) BSP will be ready to fast track approval process once proposal is submitted formally,” the Manila Bulletin quoted BSP Governor Nestor Espenilla Jr. as saying.

He added that consultations were still ongoing.

Based on the statement of the Department of Finance in December last year, the OFB was supposed to open by September 2017.

The OFB was previously the Philippine Postal Savings Bank before it was acquired by the Land Bank of the Philippines, which has around 1.5 trillion total assets according to BSP data as of June 30.

LandBank was tasked to infuse a P3 billion capital to the new bank.

Finance Secretary Carlos Dominguez III and LandBank president Alex Buenaventura earlier said OFWs can also own a third of the company (OFB) by buying shares.

Sources: Manila Bulletin, Department of Finance, Bangko Sentral ng Pilipinas

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