The national government, spearheaded by the Department of Finance (DOF) and the Land Bank of the Philippines (LANDBANK), has launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless Philippine government bank that allows clients to complete banking transactions anytime and anywhere across the globe.
The OFBank virtual launch today (June 29) was streamed live on the Facebook Pages of OFBank (@OFBank), and its parent bank, LANDBANK (@landbankofficial), and the LANDBANK YouTube Channel (/landbankofficial). The event was hosted online by TV personality Gretchen Ho.
The virtual launch was made possible with the support of officials led by Finance Secretary Carlos G. Dominguez, OFBank Chair and LANDBANK President and CEO Cecilia C. Borromeo, OFBank President and CEO Leila C. Martin, Visa Country Manager for the Philippines and Guam Dan Wolbert, and the respective Board of Directors of OFBank and LANDBANK.
“Despite the global health crisis besetting the country today, our government remains true to its commitment of upholding the welfare of all Filipinos abroad and their families. The launch of OFBank today as a digital-only, first branchless Philippine bank is a testament to this,” OFBank Chair Borromeo said.
As a digital-only facility, the OFBank, a fully-owned subsidiary of LANDBANK, now utilizes Digital Onboarding System with Artificial Intelligence (DOBSAI) to facilitate real-time account opening via the OFBank’s Mobile Banking Application. The new digital account opening platform allows overseas Filipinos (OFs), overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online.
Opening an account using DOBSAI via the OFBank Mobile Banking App is safe and secure. The applicant will only need to take a “selfie” and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client. The app likewise has advanced encryption and security technology that protects sensitive information.
There are three types of accounts available in OFBANK’s DOBSAI: the OFBank Visa Debit Card for OFs and OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance (ADB), as well as dormancy fee. To earn interest, the accounts need to have a daily balance of P500.00.
The OFBank Visa Debit Card allows cardholders, specifically the beneficiaries of OFs and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa’s real time payment solution through the 16-digit card number.
“We’re extremely pleased to join our valued partner, OFBank in this launch to support OFWs, OFs and their beneficiaries. The reintroduction of OFBank as a digital-only, branchless Philippine bank is extremely timely when Filipinos are becoming more digital, and our research also shows that close to 80% of Filipinos are interested to use services from a digi-bank. We are glad to show our support to this community by enabling beneficiaries of OFWs and OFs to receive money in real-time by seamlessly and securely using the 16-digit OFBank Visa debit card, which they can also use to make face-to-face and online payments wherever Visa is accepted.” said Dan Wolbert, Visa Country Manager for the Philippines and Guam.
OFBank account holders can use OFBank’s mobile facility to transfer funds to their beneficiaries’ OFBank and LANDBANK accounts, free of charge. Interbank fund transfers, on the other hand, are subject to a service fee of P25.00 per transaction via InstaPay and P15.00 per transaction via PesoNet.
OFBank Online Channels
The OFBank is also increasing its presence online to reach more Filipinos worldwide. In the virtual event today, the Bank likewise introduced its modified website – www.ofbank.com.ph. The newly redesigned site contains key information about OFBank, list of products and services, and answers on Frequently Asked Questions (FAQs) from the banking public, among others.
As part of its efforts to be of greater service to its customers, the Bank also launched its official Facebook page – @OFBank. The OFBank believes that this is an effective tool to inform the public about the Bank’s latest developments and offerings since Facebook is one of the most used social media platforms by Filipinos across the world. The page will also be an additional channel through which client queries will be addressed.
“As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our kababayans abroad, as well as their families here in our country. Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking,” OFBank President and CEO Martin said.
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LANDBANK shines with dual honors at PDS Awards
LANDBANK bags two awards at the Philippine Dealing System (PDS) Annual Awards Night in recognition of its contributions to advancing the Philippine capital market. (Right photo) Accepting the awards on behalf of LANDBANK are Senior Vice President Gonzalo Benjamin A. Bongolan (2nd from left) and Assistant Vice President Glenn R. Aguda (3rd from left), presented by PDS Group President Ramon S. Monzon (leftmost) and PDEx President and CEO Antonio A. Nakpil (rightmost). MAKATI CITY, Philippines—Highlighting its growing contribution to advancing the Philippine capital market, LANDBANK was honored as one of the top-performing institutions at the 2025 Philippine Dealing System (PDS) Annual Awards Night. The state-run bank clinched 3rd place in the Top 5 Corporate Issue Managers/Arrangers – Bank Category, in recognition of its vital role in facilitating the issuance of corporate fixed-income securities in 2024. The award honors institutions that led or arranged the largest volume of listed corporate securities offered during the year. The Bank also ranked 4th among the Top 5 Fixed-Income Brokering Participants, highlighting the Bank’s strong presence in the fixed-income market and significant contribution to overall trading volume by face amount. LANDBANK Senior Vice President Gonzalo Benjamin A. Bongolan and Assistant Vice President Glenn R. Aguda accepted the awards on behalf of the Bank on 4 April 2025 at the Makati Diamond Residences. Since 2005, the PDS Group, comprising the Philippine Dealing System Holdings Corp. and its subsidiaries, has been recognizing outstanding performance, leadership, innovation, and contributions to the capital market through its annual awards. These accolades underscore LANDBANK's strategic role in deepening the local capital markets, in line with its broader mission of supporting agriculture and other key development sectors in driving inclusive and sustainable development. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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LANDBANK extends P1.3-B financing for Isabela Feed Mill Complex
ILAGAN CITY, ISABELA — LANDBANK has sealed a financing deal with Sagittarian Agricultural Philippines, Inc. (SAPI) to support the construction of the Isabela Feed Mill Complex, reinforcing its commitment to advancing the country’s agricultural sector. Under the partnership, LANDBANK will provide a P1.2 billion loan to partially fund the development of the 15-hectare feed mill facility in the country’s corn capital, plus an additional P100 million credit line to support SAPI’s working capital needs. Strategically located in this city to maximize Isabela’s abundant corn supply, the Feed Mill Complex will be leased to Charoen Pokphand Philippines Corporation (CPFPC), a leading food and agro-industrial company and a long-standing LANDBANK client. The project is expected to increase corn prices from P1.00 to P2.00 per kilogram, benefiting an estimated 97,734 small farmers across Isabela and neighboring provinces. “With this investment, LANDBANK reaffirms its commitment to modernizing the agricultural sector, empowering local farmers, and strengthening the country’s food security and support the agriculture value chain,” said LANDBANK President and CEO Lynette V. Ortiz. The loan and credit line signing ceremony was led by LANDBANK Northern Luzon Lending Group Head First Vice President Eduardo N. Reyes Jr. and Northern Isabela Lending Center Head Myra Myrtha M. Padolina, alongside SAPI President and CEO Jose Avelino C. Diaz and Corporate Secretary Atty. Danver Albert R. Arzaga. Also present as witnesses were City of Ilagan Mayor Josemarie L. Diaz, Vice Mayor Kyrill S. Bello, CPFPC Vice President Suchart Panparn, Assistant Vice President Darwin Lictawa, and LANDBANK Account Officer Honeylee B. Gomez. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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LANDBANK sees surge in digital banking usage in 2024
The LANDBANK Mobile Banking App (MBA) powered the Bank’s digital surge in 2024, logging 106.82 million transactions or almost double the previous year’s total of 55.2 million. LANDBANK recorded a significant increase in digital banking transactions in 2024, driven by the growing shift of customers to online banking services and the Bank’s sustained investments in enhancing its digital platforms. The Bank facilitated a total of 162.28 million digital transactions, marking a 67% expansion from 97.08 million in 2023, with a total value of ₱3.38 trillion, up 38% from ₱2.45 trillion. “Digital banking is not just about convenience—it’s about inclusion. Through our digital banking channels, we are empowering every Filipino to take control of their finances. Our goal is to make safe, reliable, and convenient banking accessible to all, especially our farmers and fishers, business owners, OFWs, and government agencies,” said LANDBANK President and CEO Lynette V. Ortiz. The LANDBANK Mobile Banking App (MBA) led the growth in the Bank’s total transaction volume, with a record 106.82 million transactions in 2024—nearly double the 55.2 million transactions recorded in the prior year. Through the MBA, users can perform a wide range of banking services, including fund transfers, bill payments, and investing in government securities. Among the App’s major enhancements last year was the straight-through account opening feature, which allows customers to open a digital account online via smartphones without visiting a branch. In terms of transaction value, the Bank’s corporate Internet banking platform, weAccess, recorded the highest volume at ₱1.36 trillion. This marks a 43% year-on-year growth from ₱952.14 billion in 2023. LANDBANK’s other major digital channels include iAccess, an online retail banking channel; Link.BizPortal, a web-based payment channel; Electronic Modified Disbursement System (eMDS), a facility for institutional clients and national government partners; and LANDBANK Bulk Crediting System (LBCS), an electronic bulk disbursement facility. The LANDBANK MBA was named the “Most Innovative Banking Application” at the 12th Annual International Finance Awards 2024 in Bangkok, Thailand. The Bank was likewise recently recognized as the “Best e-Banking Services Provider” and “Most Reliable Mobile Banking App Provider” at the World Business Outlook Awards 2025 by Singapore-based business magazine, World Business Outlook. Bringing banking closer to more Filipinos As part of its broader digital transformation agenda, LANDBANK continues to innovate how it brings banking services closer to more Filipinos—especially those in underserved and remote areas. LANDBANK began rolling out “phygital” branches in December 2024 that combine physical and digital services for a more streamlined, seamless, and delightful customer experience. These branches showcase a refreshed look, equipped with self-service machines, new queuing and tellering systems, meeting pods, and interactive zones. To further extend its reach, the Bank is ramping up its LANDBANKasama Program, which brings basic banking services to far-flung and underserved areas. By partnering with local cooperatives, associations, rural banks, LGUs, MSMEs, and private entities, the Bank empowers these community-based partners to serve as LANDBANKasama partners, providing services such as cash withdrawal, deposit, fund transfers, bills payment, and balance inquiry. LANDBANK is also pioneering cash-lite ecosystems in key areas, starting with the Province of Batanes. By promoting the use of digital payments and equipping local merchants, residents, students and LGUs with digital financial tools and skills, the initiative promotes the use of cashless transactions as a safer, faster, and more convenient way to manage daily financial needs—ultimately reducing reliance on physical cash and fostering a digitally inclusive local economy. With its digital strategy in full swing, LANDBANK remains committed to accelerating digital transformation and delivering enhanced customer experience across the country—anchored on its mandate to serve the agriculture sector, empower small farmers and fishers, and drive inclusive and sustainable national development for all Filipinos. ABOUT LANDBANK LANDBANK is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the county, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
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