Senator Robin Padilla is seeking a review of a plan to merge the operations of the Overseas Filipino Bank (OFBank) and Land Bank of the Philippines, noting the different mandates of the two entities.
Padilla filed Senate Resolution 1281, urging the appropriate government agencies to review and reassess such a proposal, citing the need for independent entities for overseas Filipinos and farmers.
“The implications of this proposal must be thoroughly reviewed by relevant agencies.”
“The implications of this proposal must be thoroughly reviewed by relevant agencies, including but not limited to the Department of Finance, Governance Commission for Government-Owned or Controlled Corporations, Bangko Sentral ng Pilipinas, Department of Migrant Workers, and Overseas Workers Welfare Administration,” the legislator said in his resolution.
The lawmaker’s resolution stemmed from a proposal to merge OFBank with Land Bank, which was reportedly affirmed by the DOF during a meeting on April 25 last year.
“Land Bank’s primary mandate is to provide financial assistance and support services to its mandated and priority sectors, which include Small Farmers and Fishers, Agrarian Reform Beneficiaries.”
“It must be noted that Land Bank’s primary mandate is to provide financial assistance and support services to its mandated and priority sectors, which include Small Farmers and Fishers, Agrarian Reform Beneficiaries, among others,” the senator added.
On the other hand, he said OFWs have unique banking needs and may need a “specialized financial institution tailored to address their specific requirements”.
