A bill by Senator Robin Padilla seeks to bolster the services of the Overseas Filipino Bank (OFBank) to overseas Filipino workers (OFWs), by proposing revisions to its charter.
Padilla filed Senate Bill 2937 providing for the revised charter of the OFBank, for the sake of overseas Filipino workers (OFWs) who he described as “bagong bayani” (new heroes).
“It is essential to maintain an independent entity to ensure the efficient delivery of services to Overseas Filipinos across different parts of the globe,” the legislator said in his bill.
“OFBank is a policy bank tailored for OFWs, and focused on delivering quality and efficient foreign remittance services.”
The lawmaker noted OFBank is a policy bank tailored for OFWs, and focused on delivering quality and efficient foreign remittance services.
Under the bill, the OFBank shall have an authorized capital stock of P1 billion.
It will have a board of directors with nine members to be appointed by the President.
OFBank shall be subject to prudential requirements set by the Bangko Sentral ng Pilipinas.
