The Department of Finance (DoF) is currently eyeing the possibility of opening a LandBank subsidiary in Bahrain to cater to the thousands of expatriate workers out there.
In a statement this Wednesday, which was distributed to local media outlets, the DoF revealed that in light of LandBank’s plans to to acquire Philippine Postal Bank and convert it into a lender for overseas Filipino workers (OFW), a branch of the bank in Bahrain seems to be a great idea – especially so since there is a significant number of OFWs currently residing there.
Aside from being a localized lender for Filipino expats in the Middle Eastern country, a Philippine bank in Bahrain will also help facilitate bilateral trade and investments.
To further this initiative, DoF Secretary Carlos Dominguez will advise President Rodrigo Duterte to schedule a visit to the Bahrain to see if the proposed idea can eventually work. Dominguez has also previously met with members of the Bahrain Chamber of the Commerce and Industry (BCCI) to talk about the aforementioned plan.
