Overseas Filipino Bank (OFBank)
The Overseas Filipino Bank or OFBank is the only digital, branchless Philippine bank that caters primarily to Overseas Filipinos/ Overseas Filipino workers and their families here in the Philippines. In 2016, Land Bank of the Philippines or LANDBANK announced its plan to acquire PPSB and convert it into a bank that will exclusively cater to overseas-based Filipinos. It was in September 2017 by virtue of EO No. 44 of Pres. Rodrigo Duterte that PPSB was officially acquired by LANDBANK. It was rebranded to its present name, OFBank, which serves as the digital arm of LANDBANK.
PRODUCT AND SERVICES
OFBank offers a variety of financial products and services like the following:
The OFBank together with LANDBANK offers multi-purpose loans to OFs and their family members. MAy it be for a home loan (Bahay para sa Bagong Bayani (3B), OFW Reintegration Loans for OFs deciding to retire, and a lot more. For more information, you may visit their website.
Transferring and remitting money to anyone in the Philippines is easy-peasy with the OFBank App. Transferring funds from your account to a foreign account is also a breeze with OFBank. Your balance will reflect real time! For more information, you may visit their website here.
Planning to grow your financial portfolio and investing in government securities? With OFBank, you are assured of secured transactions. Be informed on the latest and verified investment opportunities like the Premyo Bonds Para sa Bayan program and more with OFBank. For more information, you can visit their website here.
INVESTMENT AND SERVICES
The OFBank is one of the partners of the PH government as a payment channel for investments in government securities like Treasury Bills and Bonds. By using the OFBank App, you can get the latest news, announcements, and a safe and secure payment option for your investments like the Treasury Bonds/Bills offered by the Philippine government through the Bureau of the Treasury.
- Motor vehicle
- Lot and building
- Other equipment to expand, upgrade or modernize operations
- Direct Lease, wherein the lessor (LLFC) acquires assets through a third party supplier and leases it out to the lessee (client).
- Sale and Leaseback, wherein the client (lessee) may sell an asset to the lessor (LLFC) and leases back the asset to the client. The purpose of this kind of transaction is to liquidate the client’s fixed asset for working capital
- Sublease Arrangement, wherein the lessor (LLFC) allows the client (lessee) to sublease the leased asset to a third party (Sub lessee). There is a lease agreement between the lessor (LLFC) and the lessee (client) on who will acquire the asset after an agreed payment period. There is a separate lease contract between the lessee (client) and the Sub lessee.