Overseas Filipino Bank to serve immigrants, workers

AFP PHOTO/ROMEO GACAD

By Ben O. De Vera/inquirer.net – Soon-to-be opened Overseas Filipino Bank will cater to all Filipinos overseas, whether they are immigrants or contract workers, the Department of Finance said.

The bank’s wide coverage will make it “more inclusive,” Finance Secretary Carlos G. Dominguez III said in a statement.

Among the key features of Overseas Filipino Bank are the remittance service for overseas Filipino workers (OFWs) and a loan program for overseas Filipinos planning to return to the Philippines and start businesses or build homes, Dominguez said.

Also, Land Bank of the Philippines and the Bureau of the Treasury are exploring ways to mobilize the savings of overseas-based Filipinos to enable them to invest in the capital markets, he added.

“Loans for house repair and education of the beneficiaries here, as well as direct remittances to schools, these were discussed with Labor Secretary Silvestre Bello III and he seems very happy about the service we would be providing,” he said.

Earlier, Landbank president Alex V. Buenaventura told the Inquirer that the establishment of Overseas Filipino Bank would push through in January as the Bangko Sentral ng Pilipinas could fast-track the approval of the state-run lender’s acquisition of Philippine Postal Savings Bank (Postbank).

Buenaventura said Governor Nestor A. Espenilla Jr. had told him that it was possible to secure the Monetary Board’s approval before the end of this year.

In its application to acquire Postbank, Landbank sought the approval of the planned bank’s P1-billion authorized capital, of which P700 million would be common shares and P300 million would be reclassified into preferred shares to be offered to OFWs.

The launch of Overseas Filipino Bank will push through in January, Buenaventura said.
By April, the bank will open its first representative office in Dubai, he added. —

Find more like this: Business, OFW

  • U.N. Rights Council to Investigate Killings in Philippine Drug War
  • Philippines declares national alert after 456 die from dengue fever
  • Trying to save the stories of a Philippine culture, one scan at a time
  • Pinoy archaeologist brings new human species discovery to Australia
  • Philippines a slowly ageing society – PIDS study
  • Page 1 | 2 | 3 | 4 | 5 | 6 | 7

    Entertainment

  • Nickelodeon releases first look at rebooted classic kids program Blue’s Clues with Filipino-American host Joshua Dela Cruz
  • How Marvel’s first featured Pinoy superhero can save society
  • This play tells the urgent story of a Filipino comfort woman
  • Will ‘Sahaya’ be the first Pinoy series on Netflix?
  • Z-GIRLS, Z-BOYS with Pinoy members to debut in Korea
  • MORE...

    Features

  • My story, and the new story of Filipino immigration
  • An appreciation of Moro food can bring Pinoy Muslims and Christians closer, says this Muslim chef
  • Showcase of PH culture, heritage
  • US and Philippines: Friends, Partners, and Allies
  • A Transgender Paradox, and Platform, in the Philippines
  • MORE...

    Tourism

  • Northern Blossom Flower Farm: Atok’s floral carpet
  • Philippines records ‘all-time high’ 7.1M tourist arrivals in 2018
  • Philippines island Boracay reopens for test run following huge cleanup
  • Philippines closes ‘cesspool’ tourist island of Boracay
  • Boracay Set to Ban Tourists for Six Months During Island ‘Rehabilitation’
  • MORE...

    Sports

  • Filipino speed skater bags spot in 2020 Winter Youth Olympics
  • Pinoy gymnast Carlo Yulo earns historic qualification in worlds
  • Finding a way to bring the NBA to the Philippines
  • First Filipino table tennis Olympian Ian “Yanyan” Lariba dies at 23
  • Skateboarder Margielyn Didal wins 4th gold for Philippines
  • MORE...

    OFW News

  • Filipino maids’ dragon boat team makes splash in Hong Kong
  • DOLE suspends OFW deployment to Kuwait
  • Some OFWs turn to vlogging to beat loneliness, share life abroad
  • Overseas Filipino Bank to serve immigrants, workers
  • The ‘bagong bayani’ of the Philippines
  • MORE...

    Environment

  • ‘Sordid Chapter’ Ends As Philippines Sends Back Canada’s Trash
  • Southeast Asia became dumping ground for plastic waste – study
  • Boracay Set to Ban Tourists for Six Months During Island ‘Rehabilitation’
  • Boracay: the good, bad and ugly sides to Philippine island for tourists
  • Luzon has greatest concentration of unique mammals
  • MORE...

    Pinoy Places
    and Faces