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

Wednesday, November 02, 2016

OFW BANK TO BE OPERATIONAL THIS 2016 OR EARLY NEXT YEAR - LABOR CHIEF






The government is already processing the establishment of Overseas Filipino Workers (OFW) Bank.

Labor and Employment Secretary Silvestre Bello III said this will recognize the significant contribution of modern-day heroes of the Philippines.

Bello revealed that his memo to President Rodrigo Duterte regarding the establishment of OFW Bank was already initially approved.

He said the OFW Bank will be operation by the end of the year of by first quarter of 2017.

(WATCH:Duterte: I will create a bank for OFWs)


According to the labor chief, the ownership of the bank will be open to all 4.8-million OFWs at P1,000 per share.

It will be the largest commercial bank in the country bankroll key government and private projects geared toward sustainable economic growth.

Bello added that the capital of the bank which amounted to P3 billion will come from the funds of Overseas Workers Welfare Administration, the Employees Compensation Commission and the OFWs themselves which initially amount to P80 billion.




SEE ALSO: 

DUTERTE PLAN TO CREATE OFW BANK, AND PROMISED TO FIX THE ECONOMY SO FILIPINO'S NEED NOT SEEK JOB OVERSEAS


OFW BANK IS GAINING SUPPORT

Philippine Postal Corp. (PHLPost) assistant postmaster general for marketing Luis Carlos is supporting the idea of President Duterte to convert Philippine Postal Savings Bank (Postal Bank) into OFW bank.

Through Postal Bank, Carlos believe that it will deliver better services to OFWs and their families.


(Dipolog Branch of Postal Bank)

“It is a good idea if the President would like to do that… To me it makes sense because some of the postal corporations in other countries already have banking functions inside their post offices,” said Carlos.


There are only 25 branches of Postal Bank in the whole country but it could tap more than 1,000 branches and couriers of PHLPost all over the Philippines to help deliver OFW remittances.




“Many of our OFWs left their families here in the Philippines for (greener) pastures abroad… Hopefully, we would be able to allocate a space in every post office in the country and install a teller of the Postal Bank to process the transactions,” Carlos added. (Source: The Standard, The Philippine Star)

SEE ALSO:

GOOD NEWS! NAIA NOW HAS EXCLUSIVE ENTRANCE FOR OFWS


PASSPORT PROCESSING GUIDE AND LIST OF DFA BRANCHES NATIONWIDE



©2016 THOUGHTSKOTO

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