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Products and Services of the Overseas Filipino Bank

The Overseas Filipino Bank (OFBank) was inaugurated in January. It aims to serve the banking needs, like savings, loans, and investment, of OFWs. The bank will initially serve the overseas workers – including immigrants and holders of resident visas but will eventually extend the service to the families as well.

OFBank’s only branch is in Liwasang Bonifacio in Manila. It is a subsidiary of Landbank of the Philippines (Landbank). Those who open an account with OFBank can also transact in all Landbank branches and ATMs. Meanwhile, those who have a current Landbank account can use it to transact with the said bank.

Photo Credit: PTV FB

Products and Services for the OFWs

The newly established bank will serve the banking needs of the overseas workers. It will offer more than just remittance services. Here are the initial products and services of OFBank, other products will be introduced in the future.

  1. Remittance Services through the use of mobile credit-to-account system

 2. Deposit Products

  • Peso ATM Savings
  • Peso Time Deposit
  • Peso Checking Account
  • Future Need Savings Plan
  • OFW ID/ ATM card

3. Loan Products

  • Business Loan
  • Housing Loan
  • All-Purpose Personal Loan
  • Study Now Pay Later Loan

4. Investment Products

  • Unit Investment Trust Fund
  • Investment in Preferred Shares of OFBank

5. Payment Services

OFWs abroad can pay their:

  • SSS
  • OWWA
  • PhilHealth
  • Insurance premiums
  • Credit cards
  • Telephone and water bills
  • Housing and business loans
  • Tuition fees of OFWs’ beneficiaries

There will be bank representatives that will be assigned in select Philippine Embassies and Consular Offices to educate the overseas workers regarding the products and services of OFBank. Through the establishment of this bank, overseas workers can send remittances to the Philippines faster and cheaper than other remittance centers.

According to Landbank President and CEO Alex Buenaventura, “we promote the use of smartphones abroad. They will go to the website of either Western Union or Xoom and send money to a Landbank account. So, the beneficiaries must have an account there.”




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