Malacanang recently announced that on January 18, Thursday, the Overseas Filipino Bank (OFB) will be officially launched.
It was previously announced that the opening of the banks for overseas Filipinos was moved from January 19 to February 19 because of unfinished business plans.
During a press briefing on January 15, Presidential spokesperson Harry Roque said that President Rodrigo Duterte will lead the bank’s launching.
“We recognize the contribution of our overseas Filipinos to our economic growth we are now enjoying; and related to this, we acknowledge their financial needs,” Roque said.
Once launched, OFBs will cater overseas Filipino workers and expats to help them with their bank transactions and remittances.
“One of the first benefits that will be extended to the OFWs will be the cheaper dollar remittances, if not free dollar remittance; and also, cheaper interest rate in case our OFWs decide to borrow money,“ Labor Secretary Silvestre Bello told The Filipino Times Online in a previous interview.
