“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. The government plans to acquire and convert the Philippine Postal Bank into a LandBank subsidiary, which will be partly owned by OFWs, the DoF said. A bank dedicated to the needs of OFWs was among the promises of President Duterte to Filipino migrant workers, it added. A financial hub of the Middle East, Bahrain ranks as the 79th Philippine trading partner and 65th export market, the DoF said. The Philippines and Bahrain formally established diplomatic ties in 1978.

Source: Manila Times March 22, 2017 17:26 UTC