MANILA, Philippines -- Government-owned Philippine Postal Savings Bank, which is being groomed to become a bank for overseas Filipino workers (OFWs), said it signed Friday an agreement with banks in 16 other countries to map out remittance channels and reduce fees and charges on remittance services.
Bank president Rolando Macasaet also said Postalbank hoped raise P1.1 billion to P2.0 billion this year through an offering of subordinated debt that would qualify as “tier 2,” or supplementary, capital.
The tier 2 issuance would fund the bank’s infrastructure-building efforts without diluting shareholding of its parent, he noted.
Postalbank is a wholly owned subsidiary of Philippine Postal Corp. [Read more]
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