OF Bank raises P10.285 million from issuance of retail dollar bonds

ABS-CBN News

Posted at Oct 11 2021 12:00 PM

MANILA - The Overseas Filipino Bank said Monday raised a total of P10.285 million ($203,200) from the issuance of the recent Retail Dollar Bonds (RDBs) offering of the Bureau of Treasury.

Landbank's OF Bank is the official digital bank of the Philippine government. 

The bonds, available for a minimum amount of $300, were made accessible to Filipinos abroad using the OF Bank's mobile banking app, the bank said in a statement.

In total, the digital bank facilitated 242 transactions from 33 countries and territories for the retail dollar bond sale, it said.

Saudi Arabia, Qatar, United Arab Emirates (UAE), Kuwait, Philippines, Malaysia, Taiwan, Israel, Hong Kong, and Singapore were the top countries where investors are from, the OF Bank said.

“Investing in government securities is now easier anytime, anywhere with the OFBank MBA. Our account holders don’t need to go outside and line up and accomplish various documents in a physical bank," said OFBank President and CEO Leila C. Martin.

"Through our digital purchasing platform, we are also seeing an increased demand from our kababayans overseas to grow their income and expand their investment portfolio,” Martin added.

Overseas Filipino workers were drawn to the RDB's "attractive interest rates" with 1.375 for a 5-year term and 2.25 percent for a 10-year term, the bank said.

Investing in bonds will help finance government development projects as well as boost pandemic recovery, said OF Bank chair and Landbank president and CEO Cecilia Borromeo. 

“Investing in RDB contributes to fast-tracking the country's recovery and sustained growth trajectory,” Borromeo said.

The affordable minimum investment of $300 in RDBs made the investment facility more accessible to small investors, National Treasurer Rosalia De Leon earlier said.

It has also raised awareness on investments and financial inclusivity, the OF Bank said. 

OF Bank is among the only 6 digital banking license holder granted by the BSP. 

Other digital banks in the country are Tonik Bank, UnoBank, UnionDigital, GOTyme and Maya Bank.

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