In fulfillment of his promise to create a bank dedicated to Overseas Filipino Workers (OFWs), President Rodrigo Duterte launched the Overseas Filipino Bank (OFBank) on Thursday, January 18.
Duterte signed on September 28, 2017 Executive Order (EO) 44, approving the Land Bank of the Philippines’ (LBP) acquisition of Philippine Postal Savings Bank (PPSB), which will subsequently be converted into the OFBank.
Under the EO, Landbank was ordered to ensure the capitalization of Overseas Filipino Bank, which will be headed by Landbank’s chairperson.
The OFBank is set to become a subsidiary of LandBank, a government-owned and -controlled bank that will cater to the banking needs of foreign-based Filipinos and their families.
The OFBank which is a savings bank of Landbank will offer the following:
— Deposit Products: Peso ATM Savings, time deposit, checking accounts, Future Need Savings Plan
— Loan products: Unit Investment Trust Funds
— Payment services for SSS, OWWA, PhilHealth dues, insurance premium, credit cards, telephone & water bills, housing and business loans & tuition fees of OFWs’ beneficiaries.
For its domestic operations, the OFBank will operate through one NCR branch in Liwasang Bonifacio in Manila and through 423 LBP branches and extension offices nationwide.
The ceremonial launch of the OFBank was held at the PostBank Center in Liwasang Bonifacio, Manila.