President Rodrigo Roa Duterte lead the ceremonial launch of the Overseas Filipino Bank (OFBank) in Liwasang Bonifacio, Manila, Thursday afternoon in fulfillment of his promise to create a bank dedicated to OFWs.
The OFBank which is a savings bank of Landbank will offer the following services:
1. Deposit Products: Peso ATM Savings, time deposit, checking accounts, Future Need Savings Plan
2. Loan products
3. Investment Product: Unit Investment Trust Funds
4. Payment services for SSS, OWWA, PhilHealth dues, insurance premium, credit cards, telephone & water bills, housing and business loans & tuition fees of OFWs’ beneficiaries.
On September 28, 2017 the president signed Executive Order No. 44 approving Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank, which will be turned 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.
The opening of the bank delighted many Filipinos especially the OFWs.