Financial services

In its 2nd year, OFBank now provides financial services to Filipinos in 119 countries – Manila Bulletin

Cultivating financial literacy among women is one of OFBank’s driving goals, as evidenced by their pop-up booths during Quezon City Women’s Month.

Overseas Filipino Bank (OFBank) marks its second landmark year by showing that digital banking and investments are securely and conveniently accessible to all Filipinos, regardless of location, whether they are based in the Philippines or abroad.

As the Philippines’ first branchless digital-only bank, OFBank has expanded its financial services to 119 other countries, empowering migrant workers, long-term travelers and multi-generational immigrants and their families. As a development partner, the Bank also helps its clients make more informed decisions about their future through financial management advice through online and offline financial literacy webinars.

“OFBank’s banking products and services reflect the nation’s collective gratitude to our modern-day heroes who have contributed significantly to the country’s growth. We are also leading the way in expanding financial inclusiveness for our kababayans here at home,” OFBank President and CEO Leila Martin said.

OFBank obtained the first-ever digital banking license from Bangko Sentral ng Pilipinas (BSP) on March 25, 2021 and reached the minimum required capitalization of Php 1 billion set by the latter for digital banks on May 26, 2022. transactions have Globally, OFBank’s online banking transaction inflow has reached PHP 7.22 billion through the management of more than 80,000 accounts over the past two years.

At the heart of the bank’s service is the mobile banking application (MBA) which enables contactless account opening, cashless payments and immediate transfer of funds that can be done anytime and anywhere. The MBA’s current 148,000 downloads are expected to increase further as the world continues to navigate the global pandemic, such as the post-pandemic redeployment of OFWs to their host countries; increasing their remittances; and the reopening of borders encouraging more travel.

In addition to making online transactions easier, OFBank has also leveled the playing field when it comes to investing, allowing Filipinos to grow (not just save) their hard-earned money. In 2021, through the OFBank mobile app, investment newbies and veterans alike were able to access medium- and long-term government investment products such as Office of the Treasury Retail Onshore Dollar Bonds (BTr ) and the 25th and 26th tranches of the Retail Treasury. bonds (RTB). These low-risk, fixed-income investments have allowed OFBank members to invest as little as Php5,000 for RTB and USD300 for RDB. They also offered attractive interest rates: RTB-25 with an annual interest rate of 2.375% (3-year maturity) and RTB-26 with a gross interest rate of 4.625% per annum (5.5-year maturity). ). At the same time, the Retail Onshore Dollar Bonds offered interest rates of 1.375% (5-year maturity) and 2.250% (10-year maturity).

Sales generated by these investment vehicles have contributed to government pandemic recovery and resilience programs. OFBank raised a total of Php 8.275 million via RTB-25 from February 9 to March 4, 2021; Php 10.286 million through onshore retail dollar bonds from September 15 to October 1, 2021; and 17.485 million Php for RTB-26 from November 16 to 26, 2021.

The continued emergence and preference for digital banking services necessitate better financial literacy among Filipinos, who are increasingly concerned about their personal finances. So training focused on saving, budgeting and investment advice has never been more important. As part of building the financial skills of migrant workers, OFBank held a total of 759 webinars and 99 face-to-face pre-departure orientation (PDOS) seminars in 2021, followed by 240 webinars and 43 PDOS from January to April 2022. .

Looking to the future, OFBank aims to increase its number of members by constantly offering quality banking and financial services. “Over the past two years, we have ensured that digital banking services financially empower all Filipinos, especially those working overseas,” Martin said. “Serving them made our anniversary even more meaningful. We will continue to innovate our products and services according to their needs to build a better life.