QUEZON CITY, Philippines (Eagle News) — The Landbank of the Philippines announced that it will establish a bank for overseas Filipino workers on September 2017.
This is in connection to the plan of the Landbank to acquire Philippine Postal Service Bank or PostBank from the Philippine Postal Corporation.
After the acquisition, PostBank will become a subsidiary of Landbank, with a percentage set aside for ownership of OFWs.
Landbank president Alex Buenaventura said that it would take them at least eight months to convert Postbank into OFW Bank.
“The OFW Bank will be a listed company with an authorized capital of P3 billion and a subscribed capital of P2 billion, of which P1 billion is paid-up by Landbank. Another P1 billion will be open for subscription to OFWs who can acquire them by buying shares in the bank,” Buenaventura said.