The Overseas Filipino Bank (OFB) will be a one-stop-shop for the Filipinos living and working abroad once the bank is operational, Finance Assistant Secretary Paola Alvarez said Tuesday, January 23, 2018.
Compared to other banks, Alvarez explained that the OFB is tailored to cater the needs of the overseas Filipino workers (OFWs) such as remittances, loaning facilities, payment of OWWA dues, government contributions, and others.
Financial services and literacy will also be offered to the OFWs, Alvarez told in an interview with ANC’s Early Edition.
Meanwhile, Labor Secretary Silvestre Bello III told The Filipino Times (TFT) that OFWs will have cheaper dollar remittances, if not free dollar remittance; and also, cheaper interest rate in case the OFWs decide to borrow money.
The OFB, which was inaugurated Thursday last week at the Liwasang Bonifacio, is open to all Filipinos abroad for free.
The first OFB in the United Arab Emirates (UAE) will be opened in Dubai on February.
