THE PROMISED Overseas Filipino (OF) Bank will no longer need prior approval from the Securities and Exchange Commission (SEC) for it to operate, which will make the bank’s rollout faster than expected.

Following the Bangko Sentral ng Pilipinas’ (BSP) approval for the OF Bank, it can already start its operations, according to Land Bank of the Philippines (Landbank) President and Chief Executive Officer Alex V. Buenaventura.

“Yung SEC pala (For SEC), I was told that it can follow the BSP approval. Hindi na yun kailangan (It’s not needed) to start operations,” he said in a phone interview over the weekend.

Mr. Buenaventura said amendments to Landbank’s articles and by-laws with the SEC can come after the OF Bank’s establishment.

He said these developments made him confident that they can open the OF Bank in January 2018, earlier than the April estimate he made a week ago due to the supposed approval delays that could take up to six months.

“Kaya naging possible na mag open na kami sa January 2 kasi hindi na kailangan yung (The Jan. 2 opening is possible because we won’t need) SEC approval on amendments before operating. It can follow,” he added.

This comes after the BSP have Mr. Buenaventura and assurance to approve the OF Bank before the year ends. The Landbank chief added that the Philippine Competition Commission can approve of Landbank’s acquisition of the Philippine Postal Savings Bank (PostBank) before yearend.

Landbank has already submitted necessary documents for the offshore bank to the BSP on Nov. 2.

Mr. Buenaventura said earlier that they have to revise the business model for the OF Bank, as it was required to be set up as an intermediary lender before it is approved by the central bank.

Initially, the OF Bank was only supposed to be Landbank’s remittance marketing arm, while the lending business was still under the parent firm. — E.J.C. Tubayan

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