Government launches Overseas Filipino Bank with products and services tailored to the needs of Overseas Filipinos

Monday, January 22, 2018

President Rodrigo R. Duterte (center-left), LANDBANK President Alex V. Buenaventura (center-right), with (from left to right) DOLE Secretary Silvestre H. Bello III, DFA Secretary Alan Peter Cayetano, Office of the President Executive Secretary Salvador Medialdea, OFBank President Renato G. Eje and DOF Secretary Carlos G. Dominguez  during the unveiling of the Overseas Filipino Bank marker in Liwasang Bonifacio, Manila.

In fulfilment of his promise to create a bank dedicated to the needs of Overseas Filipino Workers, President Rodrigo Roa Duterte today led the ceremonial launch of the Overseas Filipino Bank (OFBank) in Liwasang Bonifacio, Manila.

This is pursuant to Executive Order No. 44 signed by the President on September 28, 2017, approving LANDBANK’s acquisition of the Philippine Postal Savings Bank and its conversion into the Overseas Filipino Bank to serve as a “policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos".

While OFBank is the fruition of a promise President Duterte made to OFWs, it will also benefit all Filipinos abroad, including immigrants and those with resident visas. Thus the bank is named Overseas Filipino Bank.

The creation of OFBank as a wholly-owned Savings Bank subsidiary of LANDBANK that will cater to the needs of the sector will strengthen the government’s presence in the remittance market and eventually influence lower costs of bank remittance.

OFBank will be a collaborative effort among various government agencies, including the Department of Finance, the Department of Labor and Employment, and the Department of Foreign Affairs.

15 Banking Products and Services

OFBank will soon offer a wide range of banking products – from deposits, loans and investments, to remittance and payment services – that match the needs of Overseas Filipinos. The 15 Banking Products and Services make OFBank superior to other banks most of which only offer remittance service to Overseas Filipinos.

The Bank will offer competitive Deposit Products including Peso ATM Savings, Time Deposit, and Checking Accounts. OFBank is also developing the Future Need Savings Plan to help overseas Filipinos develop the habit of saving.

Loan Products will also be made available for Overseas Filipinos and their beneficiaries to build their own homes and to start their own businesses.

Overseas Filipinos may also avail of Investment Products such as Unit Investment Trust Funds (UITF). Moreover, they can Invest in the Preferred Shares of OFBank and thereby become co-owners of OFBank.

Payment Services will likewise be offered for Overseas Filipinos to pay from abroad their SSS, OWWA, PhilHealth dues, insurance premiums, credit cards, telephone and water bills, housing and business loans, and tuition fees of their beneficiaries directly to the payees in the Philippines.

OFBank will provide a remittance service for Overseas Filipinos to remit money to their beneficiaries in the country through the cheapest, fastest, secured and most convenient mobile credit-to-account system.

“Through the Overseas Filipino Bank, we give back what is due our kababayans abroad through a bank specially dedicated to servicing their banking and financing requirements,” said President Duterte, who underscored the government’s continuing commitment to protect and uphold the welfare of the country’s modern-day heroes and their families.