18 January 2018
On 18 January 2018, President Rodrigo Roa Duterte led the opening of the Overseas Filipino Bank (OFBank) at Liwasang Bonifacio Manila accompanied by LANDBANK President Alex V. Buenaventura and OFBank President and CEO Renato G. Eje.
The event was also attended by Department of Labor and Employment (DOLE) Secretary Silvestre H. Bello III, Department of Foreign Affairs (DFA) Secretary Alan Peter Cayetano, Department of Finance (DOF) Secretary Carlos G. Dominguez, Office of the President Executive Secretary Salvador Medialdea and other distinguished guests, both from the government and private sectors.
Last September 2017, Pres. Rodrigo Duterte issued Executive Order No. 44 approving the acquisition of the Philippine Postal Savings Bank (Postbank) by the Land Bank of the Philippines (LANDBANK). The acquisition allowed LANDBANK to convert Postbank into an Overseas Filipino Bank (OFBank).
Formerly Postbank, it is renamed as OFBank to rightly represent its main function which is to cater the financial needs of the Overseas Filipino Workers (OFWs), overseas Filipinos with permanent visa and their families. The OFBank is now a subsidiary of the Land Bank of the Philippines and a savings bank that will cater to the financial needs of said clientele.
Links to other news articles regarding the Overseas Filipino Bank launching: