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Philippines plans to set up bank for overseas Filipinos by September 2017

The Philippine government is targeting a Sept. 1, 2017, operational start date for a new bank dedicated to the needs of overseas Filipino workers.

The OFW Bank will be established through Land Bank of the Philippines' conversion of Philippine Postal Savings Bank Inc. into a subsidiary following completion of its proposed acquisition by the third quarter of 2017. Overseas Filipino workers will hold a 30% ownership in the new bank.

While the requirements to establish the OFW Bank are still being completed, Land Bank of the Philippines will set up a representative office in Riyadh, Saudi Arabia, to cater to the banking needs of some 800,000 Filipino workers in that country, Philippine Finance Secretary Carlos Dominguez III said in a Dec. 20 statement.

Land Bank of the Philippines President Alex Buenaventura said the OFW Bank will be a listed company with an authorized capital of 3 billion pesos. Starting Jan. 2, 2017, the government-controlled lender will begin the process of converting Philippine Postal Savings Bank into a Land Bank subsidiary, Buenaventura added.

As of Dec. 20, US$1 was equivalent to 49.93 Philippine pesos.