After President Duterte signed Executive Order 44 in September last year, the Overseas Filipino Workers’ Bank is now in full operations, as reported by ABS-CBN News.
The OFW Bank is one of President Duterte’s election promises that is said to be “beneficial to overseas Filipino workers and other Filipinos abroad”. President Duterte approved the Executive Order last September 28, 2017 allowing Land Bank of the Philippines to acquire the Philippine Postal Savings Bank, which is now called the Overseas Filipino Bank (OFBank).
In a statement, OFBank shall serve as a “policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipino…. The creation of OFBank, a wholly-owned Savings Bank subsidiary of Landbank that will cater to the needs of the sector, will strengthen the government’s presence in the remittance market and eventually influence lower costs of bank remittance.”
Aside from serving the OFWs, the bank will also cater to the needs of Filipino immigrants and those with resident visas. Deposits, loans, investments, remittances, and payment services are just some of the services to be offered by the said bank.
The said OFBank is also believed to operate domestically and internationally through deployment of foreign representatives inside Philippine embassies and its consular offices. Government initially planned to send its first foreign representatives to Abu Dhabi, and eventually to Dubai and Bahrain in the second quarter of 2018.