Overseas Filipinos Workers OWF's Philippine LAND Bank KSA

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Overseas Filipinos Workers OWF's Philippine LAND Bank KSA: Good news for the Expatriates from Filipinos in KSA to get OWF's Bank (Overseas Filipinos Workers Bank) will open in September 2017 in the capital of Riyadh Saudi Arabia with an authorized capital of P3 billion, as per the Finance Secretary Carlos G Dominguez III.
LAND Bank KSA Overseas Filipinos Workers OWF's Philippine
LAND Bank KSA Overseas Filipinos Workers OWF's Philippine

Expatriates of Filipinos In KSA

According to Saudi newspaper the total of 800, 000 (Eight Hundred Thousand) Filipino expatriates living in the region of Saudi Arabia of which forty Percent(40%) are in the capital Riyad.
The second largest source of remittances in the Kingdom of Saudi Arabia is the residing Philippines.

Payment System

The remittance service, approachable through www.xom.com, make it able on real-time crediting to Land Bank account in US dollars or Pesos and without back-end fee.
The Remittance Transactions from Xoom are now processed and received thru the Land Bank Remittance System Web service facility. Expands numbers of ways in settling remittances and paying, cheap the cost of processing payment transactions.

Partnership with Other Bank

For the present time the Landbank also recently partnered with MoneyGram which will permit Overseas Filipinos in the Canada, Middle East, New Zealand, Australia, Japan, Canada and parts of Asia to their remittances for cash received by their beneficiaries at any near Land Bank branch in the home country the Philippines.

Convert Postal Bank to Land Bank Subsidiary

To Convert Postal Bank to Land Bank Subsidiary as per the president said initially acquire Philippine Postal Savings Bank and then they will provide financial investment counseling and education services to OFWs.

Clearances From GCG

The OFW Land will start from Sep 1st, 2017 and try to seek the permissions from Governance Commission for Government controlled Corporation and owned (GCG).And Philippine Competition Commission(PCC).
The Bank also to get the approvals from Securities Exchange Commission(SEC) and Bangko Sentral Pilipinas(BSP) and the Monetary Board.

Location of Branch

As per the current information, the Branch of State owns Philippine Land Bank will be near to the Philippine Labor Office, or it will be near areas where OFWs meet. The Bank will dedicate to the requirements of the OFWs for Filipino expatriate workers.

Audit and the BSP

According to the authority of the Land Bank is already the participation in the BSP and the Commission on Audit for starting the process and transferring the Postal Bank to the Land Bank Subsidiary.

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HowGear: Overseas Filipinos Workers OWF's Philippine LAND Bank KSA
Overseas Filipinos Workers OWF's Philippine LAND Bank KSA
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