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Economy

Duterte creates Overseas Filipino Bank

Streamlining state banks to support key economic drivers

Filipino workers in Cambodia surround President Rodrigo Duterte during his visit in December 2016.   © Malacanang Photo

MANILA -- Philippines President Rodrigo Duterte has ordered the creation of a bank dedicated to servicing the financial needs of some 10.24 million Filipinos working overseas, it was announced on Monday.

In late September, Duterte signed an executive order authorizing state-owned Land Bank of the Philippines (Landbank) to acquire Philippine Postal Savings Bank, a state bank created to promote rural economic development, and to relaunch it as the Overseas Filipino Bank.

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