An OFW bank is potentially big business, given the size of remittances sent to the Philippines exceeding $25 billion annually. The Overseas Filipino Bank will have to operate like any other bank, adequately capitalized and following sound lending practices. Executive Order 44 allows Landbank to infuse the “necessary capital” into the OFW bank, and name six out of nine members of the board of directors. Therefore, Landbank has the power to shape policy and turn things around for PostalBank, the future OFW bank. The objective of the OFW bank has to be very clear.

Source: Manila Times October 24, 2017 16:37 UTC