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OFW BANK NOW OPEN

by | TOP STORIES

Jan. 18, 18 | 12:26 pm

The much-anticipated Overseas Filipino Bank (OFB) that will cater to the needs of OFWs has officially been opened on January 18, 2018.

President Rodrigo Duterte led the ceremonial launch of the OFBank in Liwasang Bonifacio, Manila.

This is in fulfillment of his promise to create a bank dedicated to OFWs.

“Itong bangkong ito ay isang pangako noong late 70s pa,” Labor Sec. Silvestre Bello told The Filipino Times Online.

“Ngayon lang ito maipatutupad dahil sa political will ni Presidente Duterte. Even from the very start of his administration, he directed me as Labor Secretary to see to it that the OFW Bank will be established sooner than later. And it has materialized today,” he added.

  • The OFB which is a savings bank of Landbank will offer the following:
    Deposit Products: Peso ATM Savings, time deposit, checking accounts, Future Need Savings Plan
    Loan products
    Investment Product: Unit Investment Trust Funds
    Payment services for SSS, OWWA, PhilHealth dues, insurance premium, credit cards, telephone & water bills, housing and business loans & tuition fees of OFWs’ beneficiaries.

In September last year, the President issued Executive Order No. 44 ordering the Philippine Postal Corporation and the Bureau of the Treasury to transfer their Postbank shares to Landbank at zero value.

The OFB was previously was later expanded to provide services to all foreign-based Filipinos to make it more inclusive.

Photo credit: PTV

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

FOLLOW US

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