DOF eyes Landbank branch in Bahrain

MANILA, Philippines - The Department of Finance (DOF) said yesterday it is planning to establish a subsidiary of the Land Bank of the Philippines (Landbank) in Bahrain, which will serve overseas Filipino workers (OFW) and help facilitate trade and investments between the country and the Philippines.

During a recent meeting with Finance Secretary Carlos Dominguez, the Bahrain Chamber of Commerce and Industry (BCCI) urged the Philippine government to establish Philippine banks in Bahrain to help strengthen financial relations between the two countries.

Dominguez assured the group he would inform President Duterte of the possibility of opening a bank in Bahrain.

“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,” Dominguez said.

Dominguez, who is also the chairman of the Landbank board, was referring to the government’s move to acquire the Philippine Postal Bank and convert it into a Landbank subsidiary which will be partly owned by OFWs.

The BCCI, led by its chairperson Khalid Abdulrahman Almoayed, also suggested to Dominguez the possibility of a cooperation which would help the Philippines diversify its market for halal goods and expand Bahrain’s investment in the country.

 “We have to work together on halal matters. The halal market is a big market that the Philippines (can tap),” Almoayed said.

Dominguez, for his part, offered the Bahrain delegation a list of the government’s infrastructure projects that are open for public-private partnerships.