Fulfilling an election promise, President Rodrigo Duterte led the ceremonial opening of the Overseas Filipino Bank Thursday January 18 at Liwasang Bonifacio, Manila.
The savings bank of state-owned Land Bank of the Philippines, was launched at the Postbank Center in Manila. Duterte, in his keynote speech, expressed satisfaction that he was able to live up to his campaign promises.
Among his vows was to create the bank for overseas Filipino workers to provide improved and efficient services for Filipinos overseas, as well as for their families.
“I am very happy that I fulfilled my campaign promises,” the President said during the launching of the bank.
Duterte signed Executive Order 44 which approved the acquisition by Landbank of the Philippine Postal Savings Bank, which was to be converted into the Overseas Filipino Bank. PPSB’s mother company, Philippine Postal Corporation, and the Bureau of the Treasury were instructed to transfer all their respective shares in PPSB to Landbank at zero value.
The OFBank 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.
It will also open a credit facility for migrant Filipino workers and their beneficiaries for the construction of their homes and establishment of their own businesses. OFWs may also invest in Unit Investment Trust Funds and in the preferred shares of Overseas Filipino Bank.
The newly-opened bank also features payment services that will allow OFWs to pay from abroad their Social Security System contributions, Overseas Workers Welfare Administration membership, PhilHealth dues, insurance premium contributions, credit card payments, telephone and water bills, housing and business loans, and tuition of their beneficiaries. A remittance service will also be available to allow Filipino workers abroad to remit money to their beneficiaries in the country through a mobile credit-to-account system.