OFW Bank Offers Cheaper Rates, Higher Interests

Overseas Filipino Workers (OFW) now have a venue for their investments with higher interest rates while there will be either lower fees or for free for their remittances.

As a tribute to Filipinos working abroad and their families here, the former Philippine Postal Bank was renamed Overseas Filipino Bank (OFB) to ease millions of OFWs’ financial burden with the bank’s efficient and low remittance service rates and profitable investment offers.

Labor Secretary Silvestre Bello III assured OFWs that as soon as the OFB got an approval from Land Bank President Alex Buenaventura, interest rates in loan packages would only be at 2.5 percent per annum. 

Remittance will be lower than what is in the market or even for free if OFWs has account in the bank. Overseas Filipinos will be charged $5 per $100 sent which is equivalent or lower than rates of private remittance companies.

Signed by President Duterte recently, Executive Order No. 44 mandates that OFB, which is not only limited to OFWs, is dedicated to provide financial products and services tailored to the requirements of all overseas Filipinos, and focused on delivering quality and efficient foreign remittances services.

OFB, a subsidiary of Land Bank, opens in January 2018. Land Bank is a government-owned and controlled corporation. It will have representatives in various consular offices abroad or where there are many OFWs.

In a CNN interview, Buenaventura said families of OFWs could withdraw remittances from Land Bank’s 423 branches and automated teller machines (ATMs) across the country and for other transactions anytime of the day.

The BSP chief said those who have an existing Land Bank account would not be required to open another account with the OFB.

The only OFB in the country is at Liwasang Bonifacio in Manila, the Philippine Postal Corporation hub.

Also, Buenaventura said, Filipinos abroad could send money home using their smartphone thru the Land Bank website. Their beneficiaries have to open an account here to receive remittance.

This is cheaper, faster and hassle-free.

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Wednesday, 22 November 2017
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