RIYADH, 17 September — Talks are going on between representatives of the OFW International Holdings and Riyadh Bank for a tie-up with the soon-to-be-established OFW Bank.
This was learned from key leaders of the OFWNET Foundation and OFW International Holdings who gathered in Riyadh on Friday to prepare a campaign to sell their idea to the Filipino community in the Kingdom.
Among those present in the meeting were the group’s charter founders, notably Max Bringula, lead promoter of OFW International Holdings for the Eastern Region, and Jimmy Leonida of the Western Region.
"The meeting was part of the foundation’s mission to create, develop and provide the most responsive and significant products and services, investment opportunities for overseas Filipinos worldwide, and pave the way for their successful reintegration in the Philippines," said Manuel Lector, charter founder in Riyadh.
The activity was the first ever joint meeting of all key leaders of the foundation held in the Central Region.
As explained by the group, the OFW International Holdings, Inc., registered with the Philippine Securities and Exchange Commission (SEC) on March 2002, is a business arm of the Foundation.
"It serves as the umbrella corporation for the various businesses that will be developed to give flesh to economic empowerment of OFWs," according to Lector.
He said the flagship project of the holdings company is the OFW Bank, envisioned to become a universal bank, which will serve all banking needs of overseas Filipinos and their families.
Bringula said that one of the tangible results Friday’s meeting had attained was the opportunity in marketing the vision of the OFW Net Foundation and International Holdings.
"This is seen with the presence of Raoul Reyes, representative in the Mideast for the Land Bank of the Philippines and Bernard Valerio of Riyad Bank, with whom the group is conducting negotiations for their remittance business," he explained.
Reyes shared his ideas on prospective areas of cooperation between OFW International Holdings and the LandBank, which is subject to the review and approval of the Foundation’s office in the Philippines.
The OFWNet Foundation’s head office is in Quezon City in Metro Manila. The address is: Suite 100, National Tobacco Administration Bldg., Scout Reyes corner Panay Avenue in Quezon City, with telephone numbers (00632) 416-9024 to 26.
Leonida, who is also a board member of the OFW Holdings, made a presentation on the business plan of the foundation and the holdings.
Similar presentations and updates were also given on the status and development of business operations of OFW Transport, OFW Financing, and the recent OFW Insure.
"The meeting was a success in itself, as members of a big "cyber family" met in the flesh and strengthened the bonding that has been holding us together in the past months," said Alan Exevea, OFWNet Foundation spokesman.