Overseas Filipino Bank (OFBank)

What is 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.

OFFICE INFORMATION

PRODUCT AND SERVICES

OFBank offers a variety of financial products and services like the following:

Loans & other Services
OFBank Mobile Banking
Remittance and Money Transfer
Secured Investment Transactions

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.

GooglePlaystore:

https://play.google.com/store/apps/details?id=ph.gov.overseasfilipinobank.mobilebanking&hl=en&gl=US

App Store:

https://apps.apple.com/us/app/ofbank-mobile-banking/id1396335444

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.

GALLERY

Planning to acquire real property anytime soon? The OFBank together with LANDBANK offers a variety of home loans that can help you with this milestone. For more information, you can visit their website at https://www.ofbank.com.ph/products-services/loans

Planning to get the OFBank App? Reminder to only download the application from official and trusted sources! For more information, you can visit the official website of the OFBank at https://www.ofbank.com.ph/news-updates/ofbank-is-officially-first-digital-only-bank-in-phl-after-obtaining-bsp-banking-license

Introducing the OFBank App, the digital-only bank of the Philippines that is specifically designed for Overseas Filipinos. A subsidiary of LANDBANK, the OFBank offers seamless and comprehensive delivery of banking services to OFs and their families.

This is a screen capture from a promotional video of OFBank narrating the struggles of Overseas FIlipinos (OFs). It showcases a simplified system of remittance and banking operations designed for OFs and how the OFBank can help them with that. Full video can be viewed at https://fb.watch/99Xa7R6WkI/

INVESTMENT AND SERVICES

Treasury Bonds Offering
Leasing Facility

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.

Got a business and looking to expand/ modernize, or perhaps increase efficiency? The Financial Leasing Facility of OFBank in partnership with LBP Leasing and Finance Corporation or LLFC (a subsidiary of LANDBANK) can help you with that. There are 2 types of services offered under this:

Financial Lease

Under this, the LLFC (lessor) acquires the fixed assets based on the needs of the client (lessee). These assets are then leased by the lessor to the lessee and the lessor is paid through a periodic lease amortization. At the end of term, ownership of these fixed assets are then passed on to the lessee. These fixed assets include but are not limited to the following:

Equipment
Motor vehicle
Lot and building
Other equipment to expand, upgrade or modernize operations

Under the Financial Lease, there are 3 types of acquisition:

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.

For more information on the matter, kindly download the OFBank Mobile Banking App for the complete details. Source: https://www.lbpleasing.com/products-services/lease

Operating Lease

This is a rental agreement granted only to LANDBANK and its subsidiaries who do not want to be burdened with the acquisition and disposition process of acquiring ownership of a leased asset. This is an option only for asset types that have long economic life and well-established secondary markets. The operating and maintenance costs of the assets to be leased can also be included already in the lease agreement. For more information on the matter, kindly download the OFBank Mobile Banking App for the complete details. Source: https://www.lbpleasing.com/products-services/lease

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Overseas Filipino Bank (OFBank)

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