GMA to add P1 billion to Postal Bank capitalization

MAPANDAN, Pangasinan — President Arroyo will add P1 billion in capitalization to the Postal Bank of the Philippines to allow Filipinos abroad to send remittances via post offices worldwide at a lower cost and to allow their relatives to claim the money at Postal Bank branches.

Speaking at a picnic for thousands of Mapandenians celebrating her 59th birthday today, Mrs. Arroyo said P1 billion in taxes could finance the Postal Bank to make it an overseas Filipino bank.

Filipinos can send money through post offices in countries where they live and work through the Postal Bank to lower the cost of remittances, she added.

Mrs. Arroyo said there is a need to negotiate with post offices in other countries to finance computerization and strengthening of the bank, among other improvements.

"So you will feel safe with your deposits there to be sent to your families," she assured.

During the same forum, Mrs. Arroyo announced the return of Immigration Commissioner Alipio Fernandez Jr. after a month-long leave of absence since suffering a mild stroke.

Fernandez was here together with other local officials like Gov. Victor Agbayani, Vice Gov. Oscar Lambino, Pangasinan Rep. Generoso Tulagan with some town mayors, Public Works Secretary Hermogenes Ebdane Jr., DPWH regional director Fidel Ginez, and Philippine National Police chief Director General Arturo Lomibao. Mrs. Arroyo led the inauguration of the new three-story police station here and the Cesar Calimlim Bridge that connects this town to San Jacinto town.

Despite the scorching heat, Mrs. Arroyo was warmly welcomed by townsfolk during a short program at the town plaza past 10 a.m.

A simple birthday cake was given by local officials to Mrs. Arroyo, headed by Mayor Jose Ferdinand Calimlim who also led the singing of a birthday song.

Calimlim said since the time of his late grandfather, former mayor Maximo Calimlim, Mrs. Arroyo had been made an adopted daughter of the town.