Armed with sheer political will and his sincere gratefulness to and love for the modern day heroes, President Rodrigo Duterte fulfilled his promise to make the Overseas Filipino (OF) Bank a reality, Labor Secretary Silvestre Bello III said on Thursday.
Gracing the launch of the OF Bank in Manila, Bello said that the establishment of the bank is the government’s manifestation of gratitude for the immense economic contribution and sacrifices of overseas Filipinos.
“So as to demonstrate our government’s sincerest gratefulness to them, soon enough our OFWs will slowly accumulate larger shares in the bank to become its biggest shareholders and owners,” he said.
“Today, we make history. And we dedicate this chapter in grateful recognition of the immeasurable sacrifices and immense contribution of our overseas Filipinos to what our nation is now,” Bello said.
Formerly Philippine Postal Savings Bank, services of the OF Bank are meant to ease the burden on overseas Filipinos through tailor-fit products and services for the modern day heroes and their families.
Not only limited to overseas Filipinos workers, the bank will also benefit all Filipinos abroad, including immigrants, and those who acquired resident visas.
The bank is set to provide the cheapest, fastest, secured, and convenient mobile credit-to-account-system remittance service for overseas Filipinos. It will also offer competitive deposit products including Peso ATM Savings, time deposit and checking accounts. OF Bank is also introducing the Future Need Savings Plan to encourage and inspire overseas Filipinos to develop the habit of saving money.
Overseas Filipinos may also soon enjoy reliable loan and investment products to build their own house, establish their own business, and become co-owners of the bank through investing in the preferred OF Bank shares.
Payment services will also be made available so that overseas Filipinos can conveniently pay for their SSS, OWWA, Philhealth dues, insurance premiums, credit card and other house bills, and tuition fees of their beneficiaries in the Philippines.
Last September, President Duterte issued Executive Order No. 44 authorizing Land Bank of the Philippines to acquire Postal Bank to establish the OF Bank.