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Will the OFW Bank Change the Game for Remittances?

ricaj Sydney, AustraliaPosts: 36Member

November 2017 in Remittance/Exchange Rate

We all know that there are millions of Filipino workers abroad sending money to their families back home. The remittance industry and heck, this company, would probably cease to exist without them.

And now, the Philippine government is poised to make its own foray into the waters.

Last 28 September, President Rodrigo Duterte signed Executive Order (EO) 44, paving the way for the Land Bank of the Philippines to acquire the Philippine Postal Savings Bank (PPSB). This is effectively a preliminary move for the the PPSB’s conversion into the Overseas Filipino Bank (OFB).

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