Philippines eyes bank dedicated for OFWs in Bahrain
Manama : Finance Secretary Carlos Dominguez III is exploring the possibility of opening a subsidiary of the Land Bank of the Philippines (LandBank) in Bahrain to cater to the banking needs of overseas Filipino workers (OFWs) and facilitate trade and investments between the Philippines and the island-Kingdom.
In his recent meeting with members of the Bahrain Chamber of Commerce and Industry, Dominguez informed them that he will advise President Duterte to look into this possibility as well as schedule a presidential visit to Bahrain, where possibly as many as 100,000 Filipinos reside and work.
A Philippine educational institution, the AMA International University-Bahrain, founded by Ambassador Amable Aguiluz V, has also been established in Salmabad, Bahrain’s industrial centre.
“We are at the moment converting and acquiring a bank to be a subsidiary [of LandBank] to provide for the needs of our overseas workers. I will certainly advise the President to make sure he visits Bahrain and look into the possibility of establishing a bank there for ease of doing business between us,” said Dominguez, who chairs the LandBank Board.
Dominguez was referring to a government plan to acquire and convert the Philippine Postal Bank into a LandBank subsidiary, which will be partly owned by OFWs.
A bank dedicated to the needs of OFWs was among the promises of President Duterte to Filipino migrant workers.
Dominguez’s statement was in response to the suggestion by the Bahrain delegation on the establishment of Philippine banks in Bahrain to help strengthen financial relations between the two countries.
The delegation, led by Khalid Abdulrahman Almoayed, the chairperson of the Bahrain Chamber of the Commerce and Industry (BCCI), also broached the possibility of the two countries working together to help the Philippines broaden its market for halal goods overseas, and expanding Bahrain’s investments here.
Related Posts