Duterte approves Postal Bank conversion to serve OFWs
President Rodrigo Duterte did good on his promise to provide a state-run platform to serve overseas Filipino workers (OFWs) and their remittances.
On Monday, the President released Executive Order (EO) 44 which approved the acquisition of the Philippine Postal Savings Bank by the Land Bank of the Philippines.
Postal Bank will eventually be converted as an OFW bank, who will primarily deliver “quality and efficient” remittance services for Filipinos sending their hard-earned money to their loved ones back home.
Postal Bank’s rebranding is overdue anyway, as its existence is “no longer consistent” with current economic policies, according to the EO. It will then be renamed as Overseas Filipino Bank.
Displaced employees of the bank will be allowed to avail of early retirement plans.
Duterte emerged as winner in OFW election precincts during the 2016 elections. This is him returning the favor.