LACK of managers delays anew the full operation of the Overseas Filipino Bank (OFB).
Labor Secretary Silvestre H. Bello III said on Thursday he was informed by President Duterte that Land Bank of the Philippines (LandBank) is currently still in the process of completing the composition of its “management group” for its operations.
“It would be difficult to put up a bank if you don’t have competent managers especially if we will transfer the money of OFWs [overseas Filipino workers] there,” Bello told reporters in an ambush interview.
Bello said the OFB is expected to start offering services to OFWs by the first quarter of 2019.
In September 2017 Duterte signed Executive Order 44, which turned over the control of the Philippine Postal Savings Bank (PPSB) to LandBank so it could be converted into the OFB.
The OFB was supposed to roll out its services in January 2018 but this was postponed to April 2019, as LandBank addresses concerns on the mandate of the newly created bank.
The prolonged delays in the OFB’s operation has worried migrant advocate groups like the Blas F. Ople Policy Center (BOPC).
BOPC head Susan Ople urged authorities to give an update on the developments surrounding the OFB.
“After all the hoopla prior to its creation, our overseas workers have yet to hear about any unique business or banking proposition that the Overseas Filipino Bank has to offer,” Ople said.
“We expected it to be more than just a shell of a bank using the name of our overseas Filipinos. We urge the management of the OFBank and the LandBank itself to be true to its mandate to serve our modern-day heroes,” she added.