By Genalyn Kabiling
President Duterte has ordered the swift screening of potential appointees to the board of the Overseas Filipino Bank (OFBank).
The President issued the directive to Finance Secretary Carlos Dominguez III during the Cabinet meeting last Monday so he could make the appropriate appointments to the bank board, according to Presidential Spokesman Salvador Panelo.
“The Department of Labor and Employment (DOLE) raised the concern on the Overseas Filipino Bank wherein there were still no appointments made on its board. The President instructed the DOF to review these appointments,” Panelo said.
“Sabi ni Presidente, oh bilisan n’yo ng pag-vet diyan, para makaka-appoint na ako [The President said, speed up the vetting so I can make the appointment],” he added during a Palace press briefing.
Panelo said the bank will be “operational” as soon as the President appoints the remaining three members of the board. “May quorum na [There will be quorum by then],” he said.
In January 2018, President Duterte led the inauguration of the Overseas Filipino Bank that will provide financial products and services to Filipinos working and living abroad.
Duterte earlier issued Executive Order No. 44 approving the acquisition of the Philippine Postal Savings Bank Inc. (PPSB) by the Land Bank and its conversion into the OFBank.
Duterte had said that there was a need to establish a bank dedicated to providing financial products and services tailored to the requirements of overseas Filipinos and focused on delivering quality and efficient foreign remittance services.