trending Market Intelligence /marketintelligence/en/news-insights/trending/hkff0e6u8wtl60zitp5htg2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

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

L.K. Bennett: Bankruptcy Case Study

State Of Singapore Online Video Subscription

Power Forecast Briefing: Capacity Shortfalls to Test the Renewable Energy Transition

Episode 43 - More Change, M&A On Horizon For Equity Research Industry


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.