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Land Bank Acquires Postal Bank, Converts it to Overseas Filipino Bank (OFB)

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Image Source: bworldonline.com &Metro Bacolod Chamber of Commerce and Industry

Malacanan on Monday, October 9, released Executive Order (EO) No. 44, approving Land Bank of the Philippines’ (LBP) acquisition of Philippine Postal Savings Bank (PPSB).

EO No. 44, likewise, authorized PPSB conversion into Overseas Filipino Bank (OFB), which aims to efficiently deliver microfinance and micro-insurance products and services for overseas Filipinos.

“Overseas-based Filipinos, who contribute to the country’s foreign exchange income, currency stability, employment, and overall economic growth through their remittances should be given provision of priority support for their growing financial needs,” EO No. 44 underscored.

Subject to the clearance of the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Philippine Deposit Insurance Corporation, and the Philippine Competition Commission, the PPSB acquisition via transfer of shares directs the Philippine Postal Corporation, the parent company of (PPSB), and the Bureau of Treasury to move their respective shareholdings in PPSB to Land Bank at zero value.

But prior to the actual transfer of shares, the PPSB is directed to return to the National Treasury the balance amounting to P249.23-million from the P500-million previously released to fund the Project DRIVE (Dagdag Regular Income Via Entrepreneurship) Fund managed by the PPSB.

Further, the PPSB is ordered to expedite the transfer of all its assets, liabilities, records, systems, and other pertinent items to Land Bank.

“In order to strengthen the capital base of OFB and enable the same to attain its primary agenda of servicing the various financial and banking needs of overseas Filipinos, the LBP is hereby directed to infuse the necessary capital of OFB,” EO No. 44 stated.

As for the management of OFB, Land Bank will implement a reorganizational plan, which may cause the detail or assignment of LBP employees to the OFB as may be necessary.

The affairs and businesses of OFB will be managed by a 9-member Board of Directors composed of the LBP President as OFB Chairperson; LBP-designated OFB President as Vice Chairperson; four LBP-designated directors or officers as members; and one representative each from the Department of Labor and Employment (DOLE), the Overseas Workers Welfare Administration (OWWA), and the private sector representing overseas Filipinos, as members.

“The members representing the DOLE, OWWA, and overseas Filipinos shall be appointed by the President,” the EO said.

For those PPSB employees who will be affected by the reorganization, an early retirement incentive plan awaits those who voluntarily retire or may be separated from the service. This is on top of the retirement or separation benefits due to them under existing laws.

pcoo.gov.ph

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Challenges Facing Filipinos Overseas Tackled at Global Online Confab

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Image source: ifranchise.ph

Senior officials of the government and private institutions will tackle different problems and challenges facing overseas Filipinos (OFs), including persistent illegal recruitment,  at a global conference for overseas Filipinos to be held here and shown live on YouTube on Feb. 24 and 25.

The “2018 Global Conference of Overseas Filipinos & Livelihood/Investments Exhibition” also aims to help OFs identify which profitable livelihood projects that they can put up back home to secure the financial security of their families.

Between January and November last year, USD28.24 billion (PHP1.41 trillion) were sent home by overseas Filipinos through banking channels, according to data of the Bangko Sentral ng Pilipinas.

Despite their huge earnings, many OFs have not put up sound investments, with scores still taking risks with illegal networking schemes.

“While overseas Filipinos are often hailed as modern heroes (bagong bayani) for sending home over USD20 billion a year, it is ironic that they are beset by numerous problems. This global conference aims to tackle these problems and help identify solutions to them with the assistance of government and private institutions,” said Alliance of Overseas Filipinos for Change (AOFC) President Juanito Concepcion.

Investments and livelihood are, therefore, a major focus of the conference organized by a Hong Kong-based NGO, AOFC, with LINKPAD Inc. in Manila as its secretariat and marketing arm.

 Further details about the event and sponsorships can be obtained from LINKPAD at (02) 734-6300, (02) 788-6521, and (02) 500-0040, 0908-6199582; 0917-5932000 or at globalonlinefilipinoconference@gmail.com.

Up to 10,000 overseas Filipinos  gathered in Hong Kong, Japan, Singapore and in different other countries in Asia, the Middle East, Europe and North America are expected to watch online this conference that will be shown live on YouTube and Facebook Live. (PR)

About 500 local participants — comprised of visiting OFs, OFs who have returned home for good, family members of OFs, officials of government agencies and private institutions relevant to OFs and other migration and development stakeholders — are also attending the conference.

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PH Top Officials Discuss Names on 5 Features in PH Rise

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Various government officials will meet to discuss possible Filipino names to give to the five underwater features in the Philippine Rise (formerly Benham Rise) named by China.

In a message Wednesday, Department of National Defense (DND) Secretary Delfin Lorenzana said that this matter would be discussed by him, National Security Adviser (NSA) Hermogenes Esperon and other members of the Cabinet.

“Pag-uusapan pa namin ni NSA (Esperon) and ibang Cabinet members. (We will talk about it with NSA and other Cabinet members) As for me, I would also give these features Philippine names,” he added.

The DND chief made this statement after maritime law expert Dr. Jay Batongbacal revealed that China successfully named five undersea features in the region, all within the 200-nautical mile exclusive economic zone (EEZ) of the country, as approved by the International Hydrographic Organization in 2017.

Three of the features were reportedly “discovered” during a survey by the Li Shiguang Hao of the China Navy Hydrographic Office in 2004 and the names were submitted to IHO for consideration in 2014.

The remaining two features were “discovered” by the same ship but proposals for names came in 2016. The features named are the Jinghao and Tianbao Seamounts said to be within 70 nautical miles east of Cagayan, and the Haidonquing Seamount located east at 190 nautical miles.

The other two named Cuiqiao Hill and Jujiu Seamount forms the central peaks of the Philippine Rise undersea geological province itself, said Batongbacal.

On Wednesday, Malacanang said the Philippine Embassy in Beijing already raised the subject with China.

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‘Basyang’-Affected Families Now at 37k

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The number of families affected by Tropical Depression Basyang has now climbed to 37,138 or 152,025 persons residing in 387 barangays in 15 provinces in western, central and eastern Visayas, and Caraga, the National Disaster Risk Reduction and Management Council (NDRRMC) said in its Thursday update.

Ricardo Jalad, NDRRMC executive director, said 10,307 families or about 40,089 persons have sought refuge in 194 evacuation centers, while another 470 families or 2,282 individuals are being aided outside evacuation centers.

Jalad also said that 350 houses have been damaged, 66 totally and 284 partially, in western and eastern Visayas, and Caraga.

A total of PHP2,801,016.94 worth of assistance has been provided by the Department of Social Welfare and Development and local government units to affected families in Western Visayas and Caraga.

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DA Rolls Out ‘Bigas Ng Masa’ Affordable Rice Program

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The Department of Agriculture (DA) set its “Bigas ng Masa” affordable rice program rolling on Wednesday, initially launching it in Quezon City and shortly farming it out to its regional offices nationwide.

To make it more accessible to more Filipinos, the DA said Bigas ng Masa outlets can be set up in the regions, where farmers’ cooperatives can directly sell the affordable rice to consumers.

“We’ll help market their rice,” Agriculture Secretary Emmanuel Piñol said in a media briefing Wednesday.

Aside from helping farmers earn, he said such marketing assistance under the Bigas ng Masa would eliminate price-raising layers of middlemen and other players crowding the supply chain, so consumers can buy rice that’s generally cheaper than what’s sold in the market.

With Bigas ng Masa, DA said consumers can buy quality rice at PHP38 per kilogram.

The DA assured looking into interventions that would further lower rice prices without draining the farmers’ income.

Piñol expressed disappointment over reported increases in commercial prices of rice after reports that the National Food Authority has dwindling rice stocks.

He said this should not be the case, as rice harvest in the country even increased last year, based on data from the Philippine Statistics Authority.

The DA and International Rice Research Institute (IRRI) assured the country’s rice situation is under control, noting “there’s enough rice for everybody” for 92 days straight.

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