Labor Secretary Silvestre Bello III said in a statement on October 19 that the Overseas Filipino Bank (OFB) will ease the financial burden of overseas Filipinos with efficient and low remittance service rates and profitable investment offers.
“The bank will provide our overseas Filipinos the most effective and cheapest or free transfer of their remittances. We are also able to get the consent of Land Bank President Alex Buenaventura that the interest rate in the loan packages will only be at 2.5 percent per annum. Ang laking bagay niyan compared to other banks [that’s a huge thing compared to other banks.] This will give our OFWs the venue for their investment,” Bello said.
The bank is dedicated to provide financial services and products tailored to the requirements of all overseas Filipinos.
It is also focused on delivering quality foreign remittances services pursuant to Executive Order (EO) No. 44 signed by President Rodrigo Duterte last week.
The bank will be managed by a board of directors headed by representatives from Land Bank of the Philippines (LBP,) DOLE, the Overseas Workers Welfare Administration (OWWA), and the private sector member who represents overseas Filipinos.
Bello also said that the representation of the OFWs can also be increased by “buying more shares that will entitle them to two or three board seats.”
Bello added that the branches of OFB will be put up in all Philippine Overseas Labor Offices to reach as many overseas Filipinos as possible.
An article by the Philippine Daily Mirror mentioned that iDOLE, or the identification card for OFWs in place of the Overseas Employment Certificate, can be used for OFB transactions, officials aid.