True to President Duterte’s campaign promises, the OFW Bank has become a reality.
If you are an OFW, a family member or friends of an OFW, please let them know that there is a banking and financial service that is really for them, officially named Overseas Filipino Bank (OFB).
*The OFB is a Savings Bank of Landbank.
The OFW Bank in the Philippines’s focus is to serve the Overseas Filipino Workers, as well as Filipinos who are now residing in foreign land. Savings (ATM / Checking / Time Deposit), Loans (Housing / Business), Remittance Service, and Investments (UITFs) are among the products that this bank offers to our countrymen who are now working abroad.
There will also be programs in the future to help our kababayans to learn more about financial literacy, so the hard-earned money from working abroad will be used wisely by the OFW and the remittance recipients.
OFB HISTORY SNAPSHOT
- Creating a bank to cater solely for OFWs was one of the campaign promises of President Duterte last May 2016 presidential election.
- In September 2017, PRRD signed Executive Order No. 44 which approved the acquisition of the former Philippine Postal Savings Bank (Postbank) by the Land Bank of the Philippines. The Postbank was then converted into what it is now today, the Overseas Filipino Bank.
- Last January 18, 2018, The OFW Bank was officially launched.
*This Overseas Filipino Bank is a result of the collaborative effort of Land Bank of the Philippines (Landbank) and the country’s Department of Finance (DOF).
OVERSEAS FILIPINO BANK ACCOUNT OPENING
A lot of OFWs are now asking how to open an account with the OFW bank as well as what are the requirements especially for ATM Savings and Time Deposit. If a family member like wife, husband, parent, siblings can open an account in behalf of them pag nandun pa sila sa abroad at di pa makauwi para mag bukas ng account sa banking eto? Also, if they need to be a depositor in the bank first before they can apply for a housing loan in the OFW Bank, and other questions and concerns of OFWs.
As of today, iSensey is still gathering the pertinent details as to requirements for opening of account in OFW bank and how to apply for loan. Once we get hold of verified info, we will be updating this post, to help our OFWs on what to prepare. We will also try our best to also provide info for OFW bank loan requirements.
In any case, we strongly encourage all Overseas Filipino Workers to consider opening an account with the OFW Bank branch that is located closest to your residence here in the Philippines.
We will publish a separate post on the locations and addresses of the OFW Bank branches in the country from Metro Manila, Luzon, Visayas, and Mindanao.
Take note that the OFW Bank will also operate a remittance service, we hope you will try it when you are sending money to your love ones in the Philippines. Will it be free to remit, meaning no remittance fee? No info is available yet on the remittance service fee in OFW bank, however, we are sure that if there is one, the fee will be very minimal, since this is a special bank for OFWs.
Lasty, for our OFWs, make sure to save and invest a part of your earnings from working abroad. This way, when it is your time to go home for good in the Philippines, your future remains bright.
Share po natin ang good news para sa mga OFWs!