President Duterte approves establishment of Workers' Bank —Manny Piñol
Another great news has arrived. President Rodrigo Duterte on Monday approved the first bank which will be owned by the working class.
The Postal bank will be renamed as the Workers' Bank. It will benefit all workers specifically the Overseas Filipino Workers (OFWs).
Agriculture Secretary Manny Piñol announced it on his Facebook account. He was enthusiast announcing the finally a promise of President Duterte during the campaign has fulfilled.
He said after a suggestion has been raised to pour in P4 billion to the Postal, Sec. Dominguez said the plan needs strict requirements by the Central Bank. So they agreed to make the Land Bank as a subsidiary.
Also, Piñol said the working Filipinos could buy shares of the bank.
Read the full statement of Piñol:
Tribute to OFWs
PRESIDENT DUTERTE APPROVESESTABLISHMENT OF WORKERS' BANK
By Manny Piñol
President Rody Duterte last night fulfilled another campaign promise when he approved the establishment of a bank which will ultimately be partly-owned by the Filipino working class, especially the Overseas Filipino Workers (OFWs).
During the Cabinet meeting in Malacañang last night, the President approved the proposal of Labor Secretary Silvestre Bello III for the acquisition of the Postal Bank which will be renamed as the Workers' Bank.
The Postal Bank will be initially acquired by the Land Bank of the Philippines and will be renamed the Workers' Bank.
The Workers' Bank will be a subsidiary of the LBP until such time OFWs and other Filipino workers have bought shares to own part of the bank.
Initially, Bello's proposal was for government to infuse P4-B into the Postal Bank after it has been acquired by the OFWs but Finance Secretary Carlos Dominguez argued that the plan would entail stringent requirements which will be imposed by the Central Bank.
Sec. Dominguez, supported by Budget Secretary Benjamin Diokno, proposed that Postal Bank be initially acquired by Land Bank as a subsidiary.
As the Workers' Bank grows, OFWs and other Filipino workers will be allowed to buy shares of the bank, thereby establishing the first bank which will be owned by the working class.
Source: Manny Piñol