Overseas Filipino Bank (OFB) - Bank for OFWs

The Overseas Filipino Bank (OFB) is a state-owned bank here in the Philippines which was formally launched in January 18, 2018 by President Rodrigo Duterte. The OFB was formerly known as the Philippine Postal Savings Bank (PPSB). Its transition of PPSB to OFB was due to Executive Order 44 that ordered the Philippine Postal Corp. and the Bureau of Treasury to transfer the shares of PPSB to Land Bank with zero value, which was issued on September 28, 2017. The Executive Order included provisions which states that the head of the 9-member board of OFB directors will be the chairperson of Land Bank. The President ordered Land Bank that it must infuse capital to the OFB.

The OFB will serve as an institution which aims to serve Filipinos abroad such as overseas Filipino workers (OFWs) and their families, Filipinos with visas, and immigrants. The institution will cater Filipinos abroad through providing 15 banking products and financial services. Examples of these services that will be offered are deposits, checking accounts, and investment tools, all of which take into the consideration the status and needs of Filipinos overseas. OFWs have the choice to invest in Unit Investment Trust Funds and to their chosen shares of OFB.

Overseas Filipino Bank (OFB) - Bank for OFWs

Other services that will be given are remittance services. This service assures OFWS an easy, cheap, convenient, and secure process of mobile credit-to-account system. Another service that the Overseas Filipino Bank is creating is the “Future Need Savings Plan”. The Future Need Savings Plan is being developed in order to help Filipinos abroad to have a mindset and habit to save.

More than the services just mentioned, the OFB will also benefit OFWs and their beneficiaries by offering loans that can help in building future homes, establishing a business, and during cases of emergency. OFWs will be given the option to pay their SSS, OWWA, PhilHealth dues, credit cards payments, tuition fees, and telephone, water, and housing bills.

The Overseas Filipino Bank (OFB) will have foreign representatives deployed in the Philippine embassies and consular offices at the second quarter of the year, specifically in the Philippine embassy in Abu Dhabi and the Philippine Consular Office in Bahrain.

Finance Secretary Carlos G. Dominguez stated that Lank Bank officials would have meetings with diplomats situated in Middle East and Europe during the coming weeks, and Americas during the second half of 2018.

Countries which have large numbers of overseas Filipinos will be focused on by the Department of Finance and Land Bank in order to secure licenses to provide a wider financial advisory service to Filipinos.

For the domestic operations of the Overseas Filipino Bank (OFB), the bank will work in an NCR branch in Liwasang Bonifacio, Manila and as well as through the other 423 Land Bank of the Philippines branches and extensions countrywide.

The launching of Overseas Filipino Bank was already mentioned and included during the campaigns of President Rodrigo Duterte. During his campaign, the President would reiterate the need and importance of improving the services for Filipinos Overseas, OFWs and their families, into a more efficient system.


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