Posted by : Aahil Shaik Wednesday, January 11, 2017
FILIPINOS (OFWs) LAND BANK IN SAUDI ARABIA
Good news for the Filipinos(OFW's) living in Riyadh, As they are going to get their own Philippine Land Bank in the capital of Saudi Arabia in the current year by September 2017 as per the Finance Secretary Carlos G Domiguez III. Most Viewed : Filipinos stopped from going on final exit
Currently their are more than 8 Lakhs (800,000) Filipino expatriates living in the Kingdom of Saudi Arabia of which 40 percent (40%) are in Riyadh. Filipinos residing in the Saudi Arabia are the 2nd largest source of remittances for Philippines. Trending : Public Holidays in Saudi Arabia for 2017
- President of Land Bank said initially acquire Philippine Postal Savings Bank and then they will offer financial education and investment counseling services to OFWs, Then it will take 8 months to convert it into a postal bank as Land Bank subsidiary.
- To be operational by September 1st 2017, OFW Land Bank will seek clearances form GCG (Governance Commission for Government owned & controlled Corporations) and PCC (Philippine Competition Commission). The bank also needs approvals from SEC (Securities Exchange Commission) and Monetary Board and the Bangko Sentral ng Pilipinas(BSP). See Also : Santa is not welcomed in KSA
- The branch of state own Philippine Land bank will be in the near areas where OFWs meet or it will be near to the Philippine Labor Office as per the current information. This bank will dedicate to the needs of OFWs for Filipino expatriate workers. Read this : Check your salary history online in Saudi Arabia
- The Land bank is already involving with the Commission on Audit and the BSP for starting the process and converting the Postal Bank to the Land Bank subsidiary. New : Saudi nurse sets an example for humanity