OF Bank chairman Alex Buenaventura
Dubai - Duterte inaugurated the OF Bank in Manila, dedicated to the millions of overseas Filipino workers
Published: Sat 27 Jan 2018, 9:55 PM
Updated: Sun 28 Jan 2018, 6:00 AM
Philippine President Rodrigo Duterte is set to visit the UAE in the second quarter of the year, to launch the newly-opened Overseas Filipino Bank (OF Bank) in Dubai and Abu Dhabi, according to OF Bank chairman Alex Buenaventura.
During his presentation at a conference on Saturday in Milan, Italy for the heads of Philippine diplomatic posts in Europe, Africa and the Middle East, Buenaventura said OF Bank centres will be rolled out within the second quarter of 2018 in three Philippine foreign offices, including the Philippine Embassy in Abu Dhabi and the Philippine Consulate in Dubai.
Duterte inaugurated the OF Bank in Manila last week to fulfil his campaign promise of providing a bank dedicated to the millions of overseas Filipino workers (OFWs). The OF Bank is a savings bank of the state-owned Land Bank of the Philippines (LBP).
In September last year, Duterte signed Executive Order No. 44 approving the LBP's acquisition of the Philippine Postal Savings Bank and its conversion into the OF Bank.
The OF Bank, chaired by Buenaventura who is also the LBP president, is expected to offer deposits, loans, investments, remittance, and payment services to address the needs of OFWs as compared to other banks which only offer remittance services to Filipinos residing and working abroad. A remittance service will also be available at OF Bank, to allow OFWs to remit money through a mobile credit-to-account system.
Aside from Peso ATM savings, time deposit and checking accounts, the OF Bank will also open a credit facility for OFWs for constructing homes and establishing their businesses.
angel@khaleejtimes.com
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