Last January 17, President Rodrigo Duterte inaugurated the opening of the Overseas Filipino Bank. The OFW bank aims to cater to the needs of our “Modern Day Heroes”.
This was the product of the signed Executive Order 44 last September 26, 2017, which authorized the LandBank Postal Savings Bank to be converted to the now OF Bank.
With the Philippines’ reliance on their remittances (amounting to roughly $2 Billion a month), the government is justified to give special treatment to our Kababayans working abroad.
But what exactly do we get differently from the OFW bank compared to other banks? Here are 3 Perks you can look out for when considering the OFW Bank.
You Can Sign up Online
The First Branch is now operating in Liwasang Bonifacio. Succeeding branches will be opened here and abroad with Bahrain, Abu Dhabi, and Dubai targeted for the first quarter or second quarter. Foreign representatives will also be stationed in Philippine embassies with quite a number of OFWs worldwide.
The application process is the same as you would in any other bank.
You can apply if you’re an OFW. But there are plans to include OFWs families in the future. But as of now, it is exclusively for OFWs.
If you can’t go to a bank branch personally, you can sign up for an account online when the website is finished. Talk about convenience.
For Payment of Bills
You can pay your family’s bills in the OFW bank. Bills include:
Credit Card Bills and more
Better Loan Rates
If you find other banks to have onerous requirements and rates, the OF Bank might give you more leeway.
They have loans designed for OFWs seeking capital for a business venture or other purposes such as house construction. An example is a non-collateral loan for up to 350,000 PHP at 6% per annum rate. Other loan packages will also be available.
They will also introduce investment options such as Unit Investment Trust Funds (UITFs) and preferred shares of the entity. With this, there is a possibility that the whole OF Bank will be OFW Owned.
For what it’s worth, who is better to reap income from this much-needed institution than the OFW themselves, right?