Philippine President Rodrigo Duterte launched on Thursday the Overseas Filipino Bank, which will cater to the needs of workers and other Filipinos abroad.
Last September 26, Duterte signed an executive order approving the Land Bank of the Philippines’ acquisition of the Philippine Postal Savings Bank, which would become the Overseas Filipino Bank, The SunStar reported on Thursday.
“I am very happy that I fulfilled my campaign promises,” he said during the launch of the new bank. “Through the Overseas Filipino Bank, we give back what is due to our compatriots abroad through a bank specially dedicated to servicing their banking and financing requirements.”
Financial Secretary Carlos Dominguez said the bank would provide financing to Filipinos returning from abroad to build their own houses and start their own businesses.
The Overseas Filipino Bank is expected to offer deposit services, loans, investments, and remittance and payment services.
It’s important to have the Philipines come on stream as a supplier to compete with China.
All the Asian tigers are important, so that when the CCP floats the Chinese currency, and Chinese manufacturing does not have an artificially low currency to boost sales, and abruptly adjusts, we will have other suppliers.
We are going to see a lot of change in China as it becomes freer and more competitive, in a true economic sense.
Philippinos should stop working in middle East because too much sufferings.Arabs are animals.
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