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News Link • Philippines

Philippines' Duterte orders special bank for overseas Filipinos

• reuters.com

The Philippines is one of the world's largest recipients of remittances, with nearly 10 millions of Filipinos working overseas, most in the construction, nursing, marine, entertainment and domestic helper sectors, sending home money that helps power domestic consumption, a key driver of strong economic growth.

In an executive order dated Sept. 28 that was made public on Monday, Duterte ordered the Land Bank of the Philippines to acquire Philippine Postal Savings Bank Inc and turn it into an Overseas Filipino Bank. State-owned Philippine Postal is a thrift bank with assets of 9.29 billion pesos ($181.4 million).

"There is a need to establish a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos, and focused on delivering quality and efficient foreign remittance services," the executive order read.

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