Last Jan 18, Philippine President Rodrigo Roa Duterte officially launched the Overseas Filipino Bank (OFB) to extend benefits to one of the country’s largest income-generating sectors as promised during his electoral campaign days back in 2016.
On September 28 of last year, President Duterte inked the Executive Order No. 44 which authorized the Land Bank of the Philippines’ possession of the Postal Savings Bank, which has now become the Overseas Filipino Bank (OFB).
OFBank Looks to Provide Financial and Investment Support for OFWs Worldwide
According to Pres. Duterte, the OFB will be the country’s means to give back our kababayan abroad what they are due by providing OFW-centred banking and financial services in their host countries. The launch of the OFB is an important step to strengthen the government’s presence in the global financial market, which eventually will drive lower charges in bank remittances, as explained by an OFBank representative.
Moreover, the OFB will serve as the policy bank dedicated to cater to OFWs’ banking needs and requirements through the provision and development of financial services and products for this sector.
Services to be offered by the OFB include loans, deposits, investments, as well as payment and remittance options.
While the OFB will mainly cater to OFWs, the institution will also handle Filipino immigrants and expats holding resident visas abroad.
The OFB targets to operate in both domestic and international locations, and to send for international representatives that will handle non-commercial activities which include establishing information dissemination programs regarding the OFB’s products and services as well as holding financial literacy seminars and campaigns within Philippine embassies and consular agencies in countries where there is a dense population of overseas Filipinos.
Among the locations being targeted by the government to set up OFB offices, Middle Eastern nations Bahrain, Dubai, and Abu Dhabi will be among the first to enjoy OFB services projected to be established during the second quarter of 2018.