Dubai: President Rodrigo Duterte is set to visit the UAE in the second quater of 2018 to launch the Overseas Filipino Bank (OFBank), according to officials.
The Overseas Filipino Bank, unveiled in Manila on January 19, 2018 as a subsidiary of Land Bank of the Philippines, aims to cater to the needs of the millions of Filipino worker abroad.
In September last year, Duterte signed Executive Order No. 44 directing state-owned Land Bank of the Philippines to acquire the Philippine Postal Bank and convert it to the OFBank.
Land Bank president and CEO Alex Buenaventura told Filipino diplomats gathered in Italy on Saturday that Duterte is set to launch the OFBank in Dubai and the UAE Capital, Abu Dhabi, sometime in the second quarter of the year.
Buenaventura was in Milan, Italy where heads of Philippine diplomatic posts in Europe, Africa and the Middle East were gathered.
Mocha Uson, Assistant Secretary for Social Media of the Presidential Communications Group, livestreamed the meeting on Facebook.
Duterte visited Saudi Arabia, Bahrain and Qatar in April last year to promote investments and meet Filipino workers.
In launching the bank last week, Duterte said the new financial institution would address the needs of the OFWs, who are the Philippines’ key growth drivers, having remitted $25.3 billion in 2017.
The Bangko Sentral ng Pilipinas earlier gave Land Bank of the Philippines the greenlight to acquire the Philippine Postal Bank to form the Overseas Filipino Bank.