THE OVERSEAS FILIPINO Bank or OFBank – owned by the Land Bank of the Philippines or LANDBANK – continues to attract more overseas Filipino workers because of its many services that cater to land-based OFWs, seafarers, immigrants, and Filipinos with working visas.
Remittance services are likewise available to OFBank clients through LANDBANK’s extensive network of remittance partners worldwide. As of end-April 2019, around 2,000 new OFW accounts have been opened with OFBank, according to Catherine Rowena Villanueva, First Vice President, Corporate Affairs Department of LANDBANK..
She said OFBank, which has been operational since its launch in January 2018, has already introduced various products and services for its target markets. And these services include deposit products such as the EMV-enabled Visa Debit Card, Checking Account, Easy Savings Plus, High Yield Savings Account, USD Savings Deposit, and USD Time Deposit; along with various loan products such as housing, multipurpose, salary, and SME loans.
OFBank is currently in a transition process to move toward a “One Branch Digital Bank” model and this includes consolidating OFBank branches which started in March 2019 upon receipt of approval from the Bangko Sentral ng Pilipinas.
Villanueva said part of the transformation to utilize mobile and online platforms is the integration with LANDBANK’s iAccess retail banking portal, which allows OFBank clients to conduct banking transactions online.
She said the OFBank Mobile Banking App was launched in July 2018 and the OFBank Board of Directors is further reviewing the Bank’s business model to ensure that the needs and concerns of the target clientele are aptly addressed.
Currently heading the OFBank is a nine-member Board of Directors composed of six Directors from LANDBANK and three Directors on holdover capacity, pending official appointment of the three Directors to represent the Department of Labor and Employment, the Overseas Workers Welfare Administration, and an OFW Representative. (Mindanao Examiner)
Like Us on Facebook: https://www.facebook.com/mindanaoexaminer
Follow Us on Twitter: https://twitter.com/MindanaoExamine
Read And Share Our News: https://www.mindanaoexaminer.com
Mirror Site: https://mindanaoexaminernewspaper.blogspot.com
Digital Archives: https://issuu.com/mindanaoexaminernewspaper
Media Rates: https://mindanaoexaminer.com/ad-rates
20
