First Bank for OFWs is Now Open

A few months ago, we shared the news that a bank for OFWs, which will specifically cater to Filipinos working abroad — will open this year. Sure enough, the Office of the President in the Philippines has announced the opening of the bank today, 18th January 2018.

In a recent press briefing, Presidential Spokesperson Harry Roque stated that President Rodrigo Duterte will lead the launching of the Overseas Filipino Bank (OFB). This much-awaited bank is part of the current administration’s efforts to enhance financial services for OFWs.

The first bank for OFWs is now open!
Image Credit: PTV FB Page

Overseas Filipino Bank (OFB) Opens Today

Last September, President Duterte signed Executive Order (EO) No. 44. The order grants approval for the Land Bank of the Philippines to acquire the Philippine Postal Savings Bank, which will be converted into the OFB.

The OFB will be chaired by the President of Land Bank. The board of directors will also include:

  • Vice Chairperson – an OFW president designated by Land Bank
  • Members – 4 directors/officers designated by Land Bank; plus one representative each from the Department of Labor & Employment (DOLE), Overseas Workers Welfare Administration (OWWA), and the private sector (to represent OFWs)

The OFB is an initiative of the Philippine government and Land Bank.
Image Credit: PTV FB Page

Tailored to the Needs of OFWs
“We recognize the contribution of our overseas Filipinos to our economic growth we are now enjoying; and related to this, we acknowledge their financial needs,” Roque stated.

Basically, the OFB will offer services that are tailored to the needs of Filipinos working abroad. This includes providing cheaper remittance fees and lower loan interest rates. This way, OFWs will be able to increase their savings and send more to their families back home.

The OFB will help overseas Filipino workers to save more.

Definitely, the launching of the Overseas Filipino Bank (OFB) is great news to Filipino workers all over the world. The bank could help us save more on money transfer and other financial services. In the meantime, check out our guide to banking and money matters for expats here in Dubai.

We're on YouTube!
Please subscribe to the Dubai OFW YouTube Channel for updates and tips!

Get FREE Dubai Updates by entering your email address:

Don't forget to check your email to activate your subscription!

Cost of Living and Monthly Expenses in Dubai: An Honest and Practical Guide

How much does it cost to live in Dubai? Is it really expensive? How much salary should I expect so I can live comfortably...

How to Update Your PhilHealth Membership Data Record (MDR) Online

PhilHealth is a health insurance program mandated by the government of the Philippines. Formally known as the Philippine Health Insurance Corporation, it was established...

UAE President Approves Law on Domestic Workers: 12-Hours Daily Rest, 30 Days Leave, Weekly Off

The President of the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has recently approved Federal Law No. 10 of 2017. This 41-article...

How to Sponsor Parents in Dubai (Residence Visa for Mother/Father) in UAE

Expats who are thinking of bringing their mother or father in Dubai, here’s a guide to getting a UAE residence visa for your parents....

List of Banned Medicines in the UAE

Travel Advisory - People who travel to the UAE for tourism or for business, it is important that you are aware of medicines that...