Kwentong OFW

Menu
  • HOME
  • STORIES
  • OFW NEWS
  • WORLD NEWS
  • PHILIPPINES NEWS
  • JOBS
  • TIPS

KwentongOFW - The Place Where OFWs United.

Follow us on Facebook

Good News : OFW Bank Finally Launched

Spread the love
546    
546
Shares

The long wait is finally over. Overseas Filipino Workers (OFW) now has their own bank which was launched on Thursday, January 18, led by none other than the President himself President Rodrigo Duterte.

It can be recalled that President Duterte signed an Executive Order No. 44 last September 28, 2017 prompting the attainment of Philippine Postal Savings Bank by the Land Bank of the Philippines, which was later named as Overseas Filipino Bank.

“Through the Overseas Filipino Bank, we give back what is due to our kababayans abroad through a bank specially dedicated to servicing their banking and financing requirements,” says Duterte in a statement.

The OFB is expected to serve as a “policy bank dedicated to providing financial products and services tailored to the requirements of overseas Filipino,” as per their statement.

“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,” the OFB said.

The OFB will not just cater OFWs but also those Filipino immigrants and Filipinos with resident visas. There are a couple of services that the bank will offer including loans, investments, deposits, payment services and remittances.

The OFW bank is expected to do business both internationally and domestically that it even plans to send foreign representatives into Philippine embassies as well as consular offices that will mainly assist the overseas Filipinos.

Foreign representative offices will soon open in Dubai, Abu Dhabi and Bahrain by the second quarter of 2018.

Those OFB representatives shall engage themselves in non-commercial activities including the dissemination of information regarding the bank’s products and services. Representatives will also perform financial literacy campaigns as well as seminars for OFWs.

The OFBank 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.


Spread the love
546    
546
Shares
 
546
Shares
546     
Share
Tweet
Google+
Prev Article
Next Article

Related Articles

Spread the love7.8K    7.8KSharesMarie Antonette Buhain Llagas, a 41-year-old Filipina holder …

Drunk Filipina In Singapore Jailed 5 Weeks for Not Paying And Attacking Taxi Driver

Spread the love     A Filipina working as a domestic helper in …

Filipina in Hong Kong Relieved From Work After Being Involved In A Networking Business

Spread the love     PASAY CITY 19 July 2020 — Foreign Affairs …

88 Deceased Overseas Filipino Workers Whose Remains Have Returned Home From Saudi Arabia

Spread the love     MANILA, Philippines – Techie or not, all Filipino …

Domestic Workers (OFW ) Must have Facebook Account according to POEA

Spread the love     HONG KONG – 34 year-old Filipina domestic helper …

Pinay in Hong Kong Sentenced To Jail After Stealing From Her Employer. The Reason Behind Her Crime Is Totally Despicable.

Spread the love     A Filipina domestic helper in Riyadh, Saudi Arabia …

Employer Accuses Filipina Helper of Theft After Failed Sexual Assault

Tags:Banks Land Bank OFW Bank OFW BANKS

Share Your Comments

Comments

No Responses

  1. Pingback: Simple Steps to Open a New Bank Account at Overseas Filipino Bank - Kwentong OFW
    May 5, 2018

Leave a Reply

Cancel reply

Follow @Kwentong_OFW
DMCA.com Protection Status

Kwentong OFW

IMPORTANT LINKS

  • SUBMIT YOUR STORY
  • ABOUT US
  • PRIVACY POLICY
  • DISCLAIMER
  • CONTACT US

CATEGORIES

  • balitang OFW (1,496)
  • Exchange Rate (57)
  • kwentong OFW (1,405)
  • OFW JOBS (96)
  • OFW TIPS (264)
  • PINAS NEWS (304)
  • tulang OFW (20)
  • WORLD NEWS (325)

Most Popular -Day

  • The Story of Russel Tuazon, The OFW Who Won P200 Million at Dubai Lottery
  • Fil-Am Victims of Hate Crime in NY, Unsatisfied With The Cases Filed Against Perpetrators
  • OFW Who Underwent Numerous Surgeries Ask For Help To Return Home
  • SIM Registration Signed Into Law By President Marcos

Most Popular – Week

  • How To Apply With OWWA Balik Pinas! Balik Hanapbuhay! Program
  • How To Apply on OWWA Rebate Program
  • President Marcos Inaalam Ang Bilang Ng Mga OFW na Gustong Umuwi Sa Pilipinas
  • How To Avail OWWA Tulong Pangkabuhayan sa Pag-unlad ng Samahang OFWs (Tulong-PUSO)

Most Popular – Month

  • How To Apply With OWWA Balik Pinas! Balik Hanapbuhay! Program
  • How To Apply on OWWA Rebate Program
  • President Marcos Inaalam Ang Bilang Ng Mga OFW na Gustong Umuwi Sa Pilipinas
  • How To Avail OWWA Tulong Pangkabuhayan sa Pag-unlad ng Samahang OFWs (Tulong-PUSO)
Copyright © 2023 Kwentong OFW
All Rights Reserved KwentongOFW