The Finance Department wants Land Bank of the Philippines to establish a subsidiary in Bahrain to assist Filipinos working there and facilitate trade with the island-kingdom.
Finance Secretary Carlos Dominguez said in a statement the government was exploring the possibility of opening a subsidiary of the state-run bank in Bahrain to cater to the banking needs of Filipino workers living there and facilitate trade and investments between Manila and Manama.
Dominguez said in a recent meeting with members of the Bahrain Chamber of Commerce and Industry he would advise President Rodrigo Duterte to look into this possibility and schedule a presidential visit to Bahrain, where up to 100,000 Filipinos were residing and working.
AMA International University-Bahrain, founded by Ambassador Amable Aguiluz V, established a branch in Salmabad, Bahrain’s industrial center.
“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. I will certainly advise the President to make sure he visits Bahrain and look into the possibility of establishing a bank there for ease of doing business between us,” said Dominguez, who chairs the LandBank board.
Dominguez was referring to a government plan to acquire and convert the Philippine Postal Bank into a LandBank subsidiary, which would be partly owned by OFWs. A bank dedicated to the needs of OFWs was among the promises of President Duterte to Filipino migrant workers. Julito G. Rada
Dominguez’s statement was in response to the suggestion by the Bahrain delegation on the establishment of Philippine banks in Bahrain to help strengthen financial relations between the two countries.
The delegation, led by Khalid Abdulrahman Almoayed, the chairperson of the Bahrain Chamber of the Commerce and Industry, also broached the possibility of the two countries working together to help the Philippines broaden its market for halal goods overseas and expanding Bahrain’s investments here.