Table of Contents
The Overseas Filipino Bank ( OFBank ) is the state-owned digital-only, branchless bank in the Philippines. once known as the Philippine Postal Savings Bank ( PPSB ) or PostBank, it is the smallest of the Philippines ‘ three state-owned banks ( the others being Land Bank of the Philippines and Development Bank of the Philippines ), and is the 16th largest parsimony banks in terms of assets. Its services are catered to the needs of Overseas Filipinos ( OFs ), Overseas Filipino Worker ( OFWs ), and their families or beneficiaries. Since 2018, it has been a subsidiary company of LandBank .
history [edit ]
President Rodrigo Duterte ( 4th from left ) leads the unveil of the logo of the Overseas Filipino Bank ( OFBank ) during the launch on January 18, 2018 at the Postbank Center in Manila Established as Philippine Postal Savings Bank in 1906, the bank was closed in 1976 as a consequence of competition with privately owned banks, but was reopened in 1994 pursuant to the provisions of Republic Act No. 7354, the rent of the Philippine Postal Corporation. [ 2 ] In 2013, the bank rebranded its operations as “ Postbank ”. [ 3 ] Despite the legal affiliation, the PPSB is governed individually from PhilPost.
Reading: Overseas Filipino Bank – Wikipedia
On November 16, 2016, Land Bank of the Philippines announced plans to acquire Postbank and reorganize the parsimony bank to be a lend bank for the Overseas Filipino Workers ( OFWs ) and their families. [ 4 ] President Rodrigo Duterte issued Executive Order No. 44 in September 2017 which mandates the philippine Postal Corporation and the Bureau of the Treasury their PostBank shares to Land Bank at zero value. The edict besides states that PostBank will be converted to the “ Overseas Filipino Bank ”. [ 5 ] The Monetary Board of the Bangko Sentral ng Pilipinas ( BSP ), the Philippines ‘ cardinal bank, approved Land Bank ‘s acquisition of PostBank in December 2017 while the Philippine Competition Commission authorized Land Bank to acquire PostBank on January 11, 2018. [ 5 ] The bank was inaugurated as the Overseas Filipino Bank at the Postbank Center by President Duterte on January 17, 2018 [ 6 ] On June 29, 2020, Land Bank of the Philippines about launched the Overseas Filipino Bank ( OFBank ) which aims to help Filipinos employed abroad to send money bet on to the Philippines faster. The virtual launch includes the presentation of OFBank ’ s new offerings such as digital accounts opening platform provide to OFWs, other Overseas Filipinos ( OFs ), and their families or beneficiaries, a well as the improved web site and official Facebook page. As it is a digital-only bank, OFWs and their beneficiaries can precisely submit all requirements online through OFBank ‘s mobile app. [ 7 ] OFBank initially after its establish operated as a “ digital-centric ” bank using its license to operate as a parsimony bank. It transitioned to a fully digital bank after it was given a license to operate as a digital-only bank on March 25, 2021 by the BSP ‘s Monetary Board. OFBank became the first empower digital-only deposit in the Philippines. [ 8 ]
Read more: Ordnance Factory Board’s corporate makeover — the plan & how it impacts India’s arms production
See besides [edit ]
References [edit ]
Media related to Overseas Filipino Bank at Wikimedia Commons
