MANILA - President Rodrigo Duterte on Thursday led the launch of the Overseas Filipino Bank, fulfilling an election promise that will supposedly be beneficial to overseas Filipino workers (OFWs) and other Filipinos abroad.
Duterte on September 28, 2017 signed Executive Order No. 44 approving Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank, which was spun off into Overseas Filipino Bank (OFBank).
“Through the Overseas Filipino Bank, we give back what is due our kababayans abroad through a bank specially dedicated to servicing their banking and financing requirements,” Duterte said in a statement.
The OFB shall serve as a “policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipino,” the OFBank said in a statement.
“The creation of OFBank, a wholly-owned Savings Bank subsidiary of Landbank that will cater to the needs of the sector, will strengthen the government’s presence in the remittance market and eventually influence lower costs of bank remittance,” the OFBank added.
Aside from OFWs, the bank will also cater to the needs of Filipino immigrants and those with resident visas.
The bank plans to offer a range of services, from deposits, loans, and investments, to remittance and payment services.
The OFBank shall operate domestically and internationally. It plans to deploy foreign representatives inside Philippine embassies and consular offices with significant concentration of overseas Filipinos.
The government plans to open foreign representative offices in Abu Dhabi, Dubai, and Bahrain in the second quarter of 2018.
The OFBank representatives will primarily engage in non-commercial activities such as information dissemination about the bank’s products and services. These representatives will also conduct financial literacy campaigns and seminars.