Amidst protests by OFB
employees, the ministry also said that the proposed transformation will improve efficiency, reduce import dependence and enhance combat efficiency of the armed forces.
More than a year after its launch, the OFB
has yet to fully operate as there are some positions in the board that are still vacant.
Finance Secretary Carlos Dominguez said the government is set to sell shares of OFB
once it has become a profitable enterprise.
would provide financial and remittance services for overseas Filipino workers (OFWs), their families and Filipinos living abroad.
will offer P300,000 to P350,000 (Dh25,000 to Dh28,333) non-collateral loans to OFWs at six per cent annual interest rate," said Labour Secretary Silvestre Bello, adding that higher loan packages are available to OFWs and their relatives,
Labor and Employment Secretary Silvestre Bello III disclosed they implemented the measure so they could increase the number of representatives from the overseas Filipino workers (OFW) groups in the OFB
Board of Directors.
"Discussions are continuously being held by a Committee of very senior officials of MoD with employees federations of OFB
," Kumar told reporters here.
He said the government may tap an international company with technological expertise to partner with the OFB
. Apart from helping it become more digital in nature, it is also seen to increase the market value of the Land Bank of the Philippines (LandBank).
In a statement, Finance Secretary Carlos Dominguez III said a digital banking system for the OFB
could later lead to 'less state interference' by reducing Land Bank of the Philippines' control over the OFB
in the future by more than 50 percent.
In a press statement, Finance Secreatary Carlos Dominguez III the OFB
- the fulfilment of a campaign promise made by President Rodrigo Duterte - will open to OFWs financial opportunities once available only to more financially-savvy investors.
The Committee explained to the employee organisations that there is no proposal to privatise OFB
. The proposal under consideration of Government is to make it into Defence Public Sector Undertakings (DPSUs), which is 100 per cent Government-owned," it added.