Early this year, the Overseas Filipino Bank was launched led by President Duterte. As promised to the OFWs throughout the world, this bank aims to offer financial products and services including savings and deposit accounts, loan facilities, time deposit, investment, and future needs savings plan.
The Overseas Filipino Bank will operate not only in the Philippines but also in other parts of the world like Dubai, Bahrain, and Abu Dhabi where there’s big community of OFWs.
The procedure in opening an account with OFB is the same with other banks. OFWs who will open a savings/dollar account must visit the main branch of OFB at Liwasang Bonifacio, Manila.
Here’s basic requirements in opening an account in Overseas Filipino Bank include the following:
- Duly accomplished application form
- 2 valid or government issued ID along with the OFW ID (SSS ID, OWWA ID, Postal ID, PRC ID, barangay certification, or NBI clearance)
- 1×1 latest photo
Opening an account with Overseas Filipino Bank allows OFWs to enjoy some benefits. As Secretary Bello said, OFWs can take advantage the non-collateral loans and low interest rate. OFWs can also borrow money from the bank if they think to start a business.
Overseas Filipino workers will be inspired to save money through the Future Needs Savings Plan. This way, they can deposit and save money for the future. This bank will also offer remittance service to ensure the fastest, secure, cheapest and convenient mobile credit-to-account system.
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Through this remittance system, OFWs can easily send money to their families back home in a more budget-friendly manner. In addition, OFWs can invest through OFBank shares allowing them to become shareholders of the bank.
Other local branches will be launch in other cities where there’s an existing Philippine Postal Savings Bank branch like Legazpi City, IloIlo, Cebu, and Cagayan de Oro.