OFW Bank Finally Launched
President Duterte makes good on one of his promises to OFWs – to open an OFW bank. On January 18, 2018, President Duterte led the launching of the Overseas Filipino Bank (OFB), which will cater solely to overseas Filipino workers, immigrants, and those with visa residents and their families.
The OFB will provide financial services such as loan and investment tools which are tailored to fit the requirements of Filipinos overseas. The remittance service of the OFB is said to be the cheapest, most secure, fastest, and convenient mobile credit-to-account system.
Overseas Filipino Bank will deploy foreign representatives inside the Philippine embassies and consular office. Representatives in the Philippine embassy in Abu Dhabi and Bahrain will be deployed in the second quarter of 2018.
The OFW Bank was initiated by Executive Order (EO) 44 in September 2017, which Duterte signed. This also paved the way for Land Bank of the Philippines to acquire Philippine Postal Savings Bank (PPSB). The PPSB was eventually converted to OFB.