President Rodrigo Duterte’s campaign promise to put up a bank dedicated to the millions of Overseas Filipino Workers (OFW) is underway.
He appointed former Davao City Judge Pelagio Paguican last week as Director of the Philippine Postal Savings Bank which will converted to OFW bank.
The establishment of the OFW bank is on its final stage as government plans to open it for business in September.
The OFW bank will be created out of the existing Postal Bank.
The Postal Bank is under the Office of the President and a self liquidating bank.
The OFW bank will be dedicated to the OFW for their families and remittances.
It;s realization will mean additional P2 to P3 billion capital.