Finally, Overseas Filipinos get their own bank

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A new bank created by orders of Philippine President Rodrigo Duterte is about to handle financial affairs of approximately ten million Overseas Filipino Workers (OFWs) for a country which is the third-largest recipient of foreign remittances in the world, behind India and China and ahead of Mexico.

With the bank’s inauguration, Duterte fulfilled a campaign promise after one year delay to a sector which catapulted him to power

OFWs, most in the construction, nursing, marine, entertainment and domestic helper sectors, were sending $29.6 billion back home in 2016, a new all-time high and a considerable contribution to the country’s GDP, which merits a specialised bank, analysts say.

Duterte ordered the Land Bank of the Philippines to acquire Philippine Postal Savings Bank Inc and turn it into an Overseas Filipino Bank whose exact name is not known yet.

“There is a need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services,” Duterte’s executive order read.

Cash remittances in the first seven months of this year rose five per cent from a year earlier to $16.1 billion, central bank data showed. The bulk of remittances came from the United States, Saudi Arabia, United Arab Emirates, Singapore, Japan and the UK.

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Reading Time: 1 minute

A new bank created by orders of Philippine President Rodrigo Duterte is about to handle financial affairs of approximately ten million Overseas Filipino Workers (OFWs) for a country which is the third-largest recipient of foreign remittances in the world, behind India and China and ahead of Mexico.

Reading Time: 1 minute

A new bank created by orders of Philippine President Rodrigo Duterte is about to handle financial affairs of approximately ten million Overseas Filipino Workers (OFWs) for a country which is the third-largest recipient of foreign remittances in the world, behind India and China and ahead of Mexico.

With the bank’s inauguration, Duterte fulfilled a campaign promise after one year delay to a sector which catapulted him to power

OFWs, most in the construction, nursing, marine, entertainment and domestic helper sectors, were sending $29.6 billion back home in 2016, a new all-time high and a considerable contribution to the country’s GDP, which merits a specialised bank, analysts say.

Duterte ordered the Land Bank of the Philippines to acquire Philippine Postal Savings Bank Inc and turn it into an Overseas Filipino Bank whose exact name is not known yet.

“There is a need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services,” Duterte’s executive order read.

Cash remittances in the first seven months of this year rose five per cent from a year earlier to $16.1 billion, central bank data showed. The bulk of remittances came from the United States, Saudi Arabia, United Arab Emirates, Singapore, Japan and the UK.

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