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Showing posts with label OFW Bank. Show all posts
Showing posts with label OFW Bank. Show all posts

Friday, December 23, 2016

OFW BANK IN RIYADH TO OPEN ON SEPTEMBER 2017

Good news to all OFWs in Saudi Arabia! The Postal Bank that will soon turn to be OFW Bank will open a branch in Riyadh, Saudi Arabia. The LandBank, a state-run bank in the Philippines, will acquire the Postal Bank, which would be 30% owned by the OFWs and has an authorized capital of P3 billion, according to Finance Secretary Carlos G. Dominguez III. LandBank President Alex Buenaventura said that there are 800,000 OFWs, 40% of  which are  residing in Riyadh and in that consideration , they will open a branch of the OFW Bank in the area. The Riyadh branch will initially offer financial education and investment counseling services to OFWs, according to Dominguez. The creation of the Bank for the OFWs is one of the promises of President Rodrigo Duterte  to the OFWs and their families that has been fulfilled. Another proof of the sincerity and concern of the new President towards the "modern heroes". Dominguez said that the acquisition of the Postal Bank will be completed at the 3rd Quarter of 2017 and that the LandBank has sufficient resources to make it happen.      LandBank will seek clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine Competition Commission (PCC) for the acquisition process to complete.  The government bank also needs approval from the Monetary Board, Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the OFW bank to be operational by Sept. 1, 2017.  Source: Saudi Gazette ©2016 THOUGHTSKOTO


Good news to all OFWs in Saudi Arabia!
The Postal Bank that will soon turn to be OFW Bank will open a branch in Riyadh, Saudi Arabia.
The LandBank, a state-run bank in the Philippines, will acquire the Postal Bank, which would be 30% owned by the OFWs and has an authorized capital of P3 billion, according to Finance Secretary Carlos G. Dominguez III.
LandBank President Alex Buenaventura said that there are 800,000 OFWs, 40% of  which are  residing in Riyadh and in that consideration , they will open a branch of the OFW Bank in the area.
The Riyadh branch will initially offer financial education and investment counseling services to OFWs, according to Dominguez.
The creation of the Bank for the OFWs is one of the promises of President Rodrigo Duterte  to the OFWs and their families that has been fulfilled. Another proof of the sincerity and concern of the new President towards the "modern heroes".
Dominguez said that the acquisition of the Postal Bank will be completed at the 3rd Quarter of 2017 and that the LandBank has sufficient resources to make it happen.
Good news to all OFWs in Saudi Arabia! The Postal Bank that will soon turn to be OFW Bank will open a branch in Riyadh, Saudi Arabia. The LandBank, a state-run bank in the Philippines, will acquire the Postal Bank, which would be 30% owned by the OFWs and has an authorized capital of P3 billion, according to Finance Secretary Carlos G. Dominguez III. LandBank President Alex Buenaventura said that there are 800,000 OFWs, 40% of  which are  residing in Riyadh and in that consideration , they will open a branch of the OFW Bank in the area. The Riyadh branch will initially offer financial education and investment counseling services to OFWs, according to Dominguez. The creation of the Bank for the OFWs is one of the promises of President Rodrigo Duterte  to the OFWs and their families that has been fulfilled. Another proof of the sincerity and concern of the new President towards the "modern heroes". Dominguez said that the acquisition of the Postal Bank will be completed at the 3rd Quarter of 2017 and that the LandBank has sufficient resources to make it happen.      LandBank will seek clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine Competition Commission (PCC) for the acquisition process to complete.  The government bank also needs approval from the Monetary Board, Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the OFW bank to be operational by Sept. 1, 2017.  Source: Saudi Gazette ©2016 THOUGHTSKOTO




 LandBank will seek clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine Competition Commission (PCC) for the acquisition process to complete.

The government bank also needs approval from the Monetary Board, Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the OFW bank to be operational by Sept. 1, 2017.

©2016 THOUGHTSKOTO

Friday, December 09, 2016

PRESIDENT DUTERTE APPROVES ESTABLISHMENT OF WORKERS' BANK

As a tribute to the OFWs contribution to the countries economy, President Rodrigo Duterte  approves the establishment of the OFW Bank. Another fulfillment of President Duterte's promise to OFWs during his campaign.  “This particular move is an undertaking to show appreciation for the OFWs as our modern-day heroes,” presidential spokesman Ernesto Abella said in a Palace press briefing.  "During the Cabinet meeting in Malacañang last night, the President approved the proposal of Labor Secretary Silvestre Bello III for the acquisition of the Postal Bank which will be renamed as the Workers' Bank," Agriculture Secretary Manny Piñol stated on his facebook post last Dec. 6.  "The Postal Bank will be initially acquired by the Land Bank of the Philippines and will be renamed the Workers' Bank," he added.   The Workers' Bank will be a subsidiary of the LBP until such time OFWs and other Filipino workers have bought shares to be part owners of the bank  "Initially, Bello's proposal was for government to infuse P4-B into the Postal Bank after it has been acquired by the OFWs but Finance Secretary Carlos Dominguez argued that the plan would entail stringent requirements which will be imposed by the Central Bank," Secretary Piñol continued.  "Sec. Dominguez, supported by Budget Secretary Benjamin Diokno, proposed that Postal Bank be initially acquired by Land Bank as a subsidiary. As the Workers' Bank grows, OFWs and other Filipino workers will be allowed to buy shares of the bank, thereby establishing the first bank which will be owned by the working class," the Agriculture Secretary said. “It will be called the Workers’ Bank. It could be for all workers and may even include LGUs,” Budget Secretary Benjamin Diokno told The STAR in a text message.   Diokno said the initial budget for the bank would be discussed by economic managers in a meeting slated on Dec. 20 for next year’s macroeconomic assumptions and it could probably be established  by second quarter of 2017.  “I’m almost sure that it would require BSP approval, although the requirements are much less stringent than having a stand alone bank,” Diokno said.  BSP Deputy Governor Nestor Espenilla Jr. said an application has not been filed, but assured the central bank is “ready to work with Landbank on their plans.”  According to central bank data, Landbank is country’s fourth biggest lender with assets amounting to P1.288 trillion as of June this year.  Postal Bank, meanwhile, was ranked 14th biggest thrift lender with assets reaching P12.117 billion during the same period.  Presently, there are three government banks servicing the needs of  the Filipinos:  Land Bank of the Philippines for agriculture, Development Bank of the Philippines for industry, and Postal Bank for savings.  Read DA Secretary Piñols Facebook post below:


As a tribute to the OFWs contribution to the countries economy, President Rodrigo Duterte  approves the establishment of the OFW Bank. Another fulfillment of President Duterte's promise to OFWs during his campaign.

“This particular move is an undertaking to show appreciation for the OFWs as our modern-day heroes,” presidential spokesman Ernesto Abella said in a Palace press briefing.

"During the Cabinet meeting in Malacañang last night, the President approved the proposal of Labor Secretary Silvestre Bello III for the acquisition of the Postal Bank which will be renamed as the Workers' Bank," Agriculture Secretary Manny Piñol stated on his facebook post last Dec. 6.

"The Postal Bank will be initially acquired by the Land Bank of the Philippines and will be renamed the Workers' Bank," he added.


The Workers' Bank will be a subsidiary of the LBP until such time OFWs and other Filipino workers have bought shares to be part owners of the bank

"Initially, Bello's proposal was for government to infuse P4-B into the Postal Bank after it has been acquired by the OFWs but Finance Secretary Carlos Dominguez argued that the plan would entail stringent requirements which will be imposed by the Central Bank," Secretary Piñol continued.

"Sec. Dominguez, supported by Budget Secretary Benjamin Diokno, proposed that Postal Bank be initially acquired by Land Bank as a subsidiary.
As the Workers' Bank grows, OFWs and other Filipino workers will be allowed to buy shares of the bank, thereby establishing the first bank which will be owned by the working class," the Agriculture Secretary said.

“It will be called the Workers’ Bank. It could be for all workers and may even include LGUs,” Budget Secretary Benjamin Diokno told The STAR in a text message.

 Diokno said the initial budget for the bank would be discussed by economic managers in a meeting slated on Dec. 20 for next year’s macroeconomic assumptions and it could probably be established  by second quarter of 2017.

“I’m almost sure that it would require BSP approval, although the requirements are much less stringent than having a stand alone bank,” Diokno said.

BSP Deputy Governor Nestor Espenilla Jr. said an application has not been filed, but assured the central bank is “ready to work with Landbank on their plans.”

According to central bank data, Landbank is country’s fourth biggest lender with assets amounting to P1.288 trillion as of June this year.

Postal Bank, meanwhile, was ranked 14th biggest thrift lender with assets reaching P12.117 billion during the same period.

Presently, there are three government banks servicing the needs of  the Filipinos:

Land Bank of the Philippines for agriculture, Development Bank of the Philippines for industry, and Postal Bank for savings.

Read DA Secretary Piñols Facebook post below:




©2016 THOUGHTSKOTO

Tuesday, September 27, 2016

WATCH: OWWA Pooled Php 19.2 Billion To Establish BANK OF OFWs

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According to Labor Secretary Silvestre Bello, in regards to the plan of the government to open a bank for OFWs, the Overseas Workers Welfare Administration (OWWA) has pooled almost PhP 19.2  billion from OFW contributions. The plan is that they will use this money to buy a bank. 

During his speech at Hong Kong University, Secretary Bello said that the plan is to buy Philippine Postal Bank and that the name will be changed to OFW Bank. According to him, OFWs can purchase shares in the bank and become share holder or stock holder. This will also allow OFWs to  easily apply for housing loan or borrow money as capital for business.

He also advised OFWs to be wise in their expenditures instead of spending so much on gadgets like cellphones, instead he encourage them to save more for the rainy days.  
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While in Hong Kong, Bello visited the Filipinos who are seeking refuge from the abuse of their employer. 

He also met with labor officials in Hong Kong regarding the suggestion to add a clause in OFWs’ contracts saying the cleaning of windows in high-rise buildings should not be included in the service agreement. This is after the many incidences that claimed the life of many domestic workers who fell as they try to clean the tower block windows in their employers residence.


During his visit, he assured the Filipino workers there who are planning to return home that the government will assist them so that they can start a business.
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The  current administration has spoken about this plan to open a bank for OFWs even before the announcement of Sec. Bello. 



OWWA AND DTI OFFER UP TO P2 MILLION LOAN FOR OFW
VIDEO WATCH: DUTERTE TO OFWs: YOU WILL COME HOME TO A BETTER PHILIPPINES


©2016 THOUGHTSKOTO

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