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Nov 17 16, 10:14 am

UAE announces May 24 as first day of Eid Al Fitr

(WAM) -- Sunday, the 24th of May, will be the first day of Shawwal 1441 H, marking the beginning of Eid al-Fitr, announced the Moon-sighting Committee in a statement issued after its meeting tonight at the Abu Dhabi Judicial Department. Sultan bin Saeed Al Badi Al...

Observatory experts say Shawwal crescent moon might not show today

Saudi Arabia astronomers have confirmed that the Shawwal crescent moon will not show on May 22 (Ramadan 29), Saudi Gazette reported. Experts at the observatory of Majmaah University in Saudi said that the moon will set before the sun today and will not be...

Land Bank set to buyout Postbank, rebrand as OFW Bank

by | TOP STORIES

Nov. 17, 16 | 10:14 am

Land Bank of the Philippines will acquire the Philippine Postal Savings Bank (Postbank) with plans to transform the state-run thrift lender into a bank catering to overseas Filipino workers (OFWs), a ranking government official has said.

Land Bank, the country’s fourth largest bank in terms of assets, will buy Postbank from another government-owned firm Philippine Postal Corp. (PHLPost), Manila Bulletin quoted Finance Secretary Carlos G. Dominguez III as saying.

“They told me it would take 11-months,” Dominguez reportedly said when asked about their timetable for the buyout. “It [Postbank] will just be operated as a wholly-owned subsidiary [of Land Bank], and it will be serving the OFW market.”

Postbank will undergo rebranding and may require additional capital infusion from the national government, the finance chief disclosed, the report said.

“They have to beef up the bank. It’s like giving your child some money, but it’s still yourself,” Dominguez reportedly said.

He believes Postbank could better compete with other private banks catering to overseas Filipinos because of its “very good tie-up” with the PHLPost.

The oversight body for government-owned or -controlled corporations (GOCCs) earlier proposed that Postbank be absorbed by Land Bank or Development Bank of the Philippines (DBP), said the news portal.

But Dominguez said Land Bank is the only government owned lender allowed to absorb the Postbank. “We don’t have any other universal bank to do it, DBP is not a universal bank,” he was quoted as saying.

When the Durterte administration took office in July, Dominguez initially wanted to pursue the sale of Postbank along with other government shareholdings in United Coconut Planters Bank (UCPB), the report said.

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UAE announces May 24 as first day of Eid Al Fitr

UAE announces May 24 as first day of Eid Al Fitr

(WAM) -- Sunday, the 24th of May, will be the first day of Shawwal 1441 H, marking the beginning of Eid al-Fitr, announced the Moon-sighting Committee in a statement issued after its meeting tonight at the Abu Dhabi Judicial Department. Sultan bin Saeed Al Badi Al...

Observatory experts say Shawwal crescent moon might not show today

Observatory experts say Shawwal crescent moon might not show today

Saudi Arabia astronomers have confirmed that the Shawwal crescent moon will not show on May 22 (Ramadan 29), Saudi Gazette reported. Experts at the observatory of Majmaah University in Saudi said that the moon will set before the sun today and will not be...

Pakistan plane crashes with 107 on board

Pakistan plane crashes with 107 on board

An aircraft from Pakistan International Airlines (PIA) carrying 99 passengers and eight crew members crashed at a residential area in Karachi on Friday, May 22. Pakistan immediately mobilized paramilitary troops and civil administration authorities to aid and rescue...

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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