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New Bank Dedicated to Overseas Filipino Workers Is Now Open

Last Jan. 18, the inauguration of the much-anticipated Overseas Filipino Bank was successfully held and was officiated by President Rodrigo Duterte himself, in fulfilment of one of his campaign promises to the 10-million strong OFWs worldwide.

The Overseas Filipino Bank (OFB), which was then known as the Philippine Postal Savings Bank or PPSB, is a government-owned bank under the management of the Land Bank of the Philippines and is dedicated to provide financial assistance and support to our kababayan all over the globe. The first OFBank in the country can be located at the Postal Savings Bank Center in Manila.

 

Banking for Filipinos Abroad Now Made More Convenient Through OFBank

In his speech during the bank’s inauguration, President Duterte said that the OFBank, as supported by the government, will provide timely and necessary financial and banking services specially designed to cater to OFWs.

Aside from regular banking services such as accepting deposits and issuing loans, the OFBank will uniquely offer OFW-centred investment plans to provide the sector more benefits in investing their hard-earned money on the country’s financial markets.

Being the country’s largest revenue-driving sector for several decades already, the OFBank aims to give back to the sector by designating foreign representative agencies in OFW-dense countries such as Dubai, ABU Dhabi, and Bahrain starting in the second quarter of this year. The said agencies will provide non-commercial activities which include information dissemination campaigns regarding the OFBank’s products and services as well as holding financial literacy seminars to help OFWs make well-informed decisions on their investment options in the Philippines.

Moreover, the OFBank will serve as a one-stop shop where Filipinos abroad such as those with resident visas and not just OFWs, can avail services in handling their passport concerns, as well as processing similar documents such as competency assessments, departure clearances and licenses.



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