During the 2016 presidential campaign, then Davao City Mayor Rodrigo Duterte rallied with the Overseas Filipino Workers and promised to uplift their condition should he become a president. True to his word, President Duterte signed and approved the conversion of Philippine Postal Savings Bank (PPSB) into Overseas Filipino Bank (OFBank), a policy bank dedicated specifically for OFWs.
Last January 18, 2018, President Duterte led the launch of Overseas Filipino Bank, which promises to provide financial services and products for OFWs. This includes:
- Savings and deposit accounts
- Time deposit
- Loan facilities
- Future Needs Savings Plan
OFBank will operate domestically and internationally, particularly in Abu Dhabi, Bahrain, and Dubai by second quarter of 2018 and will be coordinated with the Department of Foreign Affairs.
The next question is this: how do you open an account with OFBank?
Here’s what we know, so far:
- Go directly to OFBank’s main branch in Manila. Choose among the bank’s products such as Savings, Checking, and Time Deposit among others. As of this writing, OFBank has only one branch, but several branches will be opened soon in different areas in the Philippines.
- Apply for an account online. The OFBank is still under construction, but once fully operational, you can submit applications online.
- Bring a valid ID, preferably government-issued ID. You can also use your OFW ID in case you were already issued one.
- Present your Overseas Employment Certificate (OEC) to verify your status as OFW.
Take note that application for opening of account is free. For now, the OFBank is available and exclusive to OFWs only. Eventually, the bank will open its doors to OFW families, which is why the government is encouraging every OFW to invest in a bank tailored for you.