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Wednesday, May 08, 2019

OFW Bank To Start Operations Very Soon

As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value.
The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value.  The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace.      Ads      Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors.  Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled.  The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs.    Ads          Sponsored Links    The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed.  Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments.    Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board.  He also assured that the Duterte administration continues to prioritize all problems concerning OFWs.  The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo.  Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.

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Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value.  The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace.      Ads      Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors.  Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled.  The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs.    Ads          Sponsored Links    The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed.  Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments.    Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board.  He also assured that the Duterte administration continues to prioritize all problems concerning OFWs.  The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo.  Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.
Panelo said in a Palace briefing that the bank will operate as soon as the three remaining positions for the board members are appointed. However, he did not mention which positions are needed to be filled.

The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private 
sector member to represent the OFWs.

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The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed.

Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments.



Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board.

He also assured that the Duterte administration continues to prioritize all problems concerning OFWs.
As a fulfillment of President Rodrigo Duterte's promise to the overseas Filipino workers (OFW), he signed EO 44 directing the Philippine Postal Corp. (PhilPost) and the Bureau of the Treasury (BTr) to transfer their Postal bank shares to the Land Bank of the Philippines (Landbank) at zero value.  The Overseas Filipino Bank has been launched last year but it was not in full operation since then. According to labor Secretary Silvestre Bello III, the bank will operate as soon as the remaining 3 board members are appointed. That is also the statement of Presidential Spokesperson Salvador Panelo during a press briefing at the Malacañang Palace.      Ads      Presidential Spokesperson Salvador Panelo made the assurance after Labor Secretary Silvestre Bello III raised concerns during Monday night’s Cabinet meeting that no appointment has been made in the bank’s board of directors.  Panelo said in a Palace briefing that the bank will operate as the 3 members are appointed. However, he did not mention which positions are needed to be filled.  The Landbank president will be the chairman of the board. Other members are Landbank-designated OFW president as vice chairperson; four Landbank-designated directors or officers as members; one representing the Department of Labor and Employment; a representative from the Overseas Workers Welfare Administration; and a private sector member to represent the OFWs.    Ads          Sponsored Links    The OFW Bank has not yet started its operation for more than a year since it was launched because board members have yet to be appointed.  Panelo said Duterte has already directed the Department of Finance (DOF) to hasten the review of the appointments.    Panelo assured the public that the bank will soon serve the OFWs as the president wants the vetting to speed up so that he can already appoint and fill the three remaining positions for the board.  He also assured that the Duterte administration continues to prioritize all problems concerning OFWs.  The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo.  Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.
The DOF is also trying to make the bank digital to make it easier for OFWs to use their smartphones in all of their transactions, according to Panelo.

Under the EO, Landbank was ordered to ensure the capitalization of the Overseas Filipino Bank.

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