Digital-only bank for overseas Pinoys books over 12,000 accounts: DOF


Posted at Nov 11 2020 03:08 PM

MANILA - The Department of Finance on Wednesday said 12,542 accounts were opened in the Overseas Filipino Bank (OFBank) a digital-only bank that caters to Filipinos working abroad. 

The DOF said OFBank booked P173.8 million worth of transactions through the new deposit accounts, which were opened by clients based in 55 countries and territories. 

"In its first 100 days of operation from July 29 to October 7, the OFBank reported electronic cash inflows of P108.77 million and OFW remittances of P65 million coursed through the bank, for total inflows of P173.77 million," said OFBank president and CEO Leila Martin. 

OFBank is a fully-owned subsidiary of LANDBANK, which allows Filipinos abroad and their beneficiaries to submit online all the requirements for opening and maintaining an acoount.

The OFBank Mobile Banking app is available on both iOS and Android devices, which received high feedback ratings. 

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Martin said OFBank also includes a link to LANDBANK’s website for its OFW housing loan and OFW reintegration loan. 

The app also includes a Premyo Savings Bond Facility, which allows investors to purchase these retail bonds in five minutes or less, the bank said.