In response to issues raised about the Overseas Filipino Bank in your article “DOF told to name board members to Overseas Filipino Bank” published in the Manila Standard on May 8, 2019, LANDBANK would like to clarify the following points:
1. On OFBank’s Board of Directors
Currently heading the OFBank is a nine-member Board of Directors composed of six Directors from LANDBANK and three Directors on holdover capacity, pending official appointment of the three Directors to represent the Department of Labor and Employment, the Overseas Workers Welfare Administration, and an OFW Representative, in accordance with EO 44 series of 2017.
2. On the Bank’s Operations
The Overseas Filipino Bank has been operational since its launch in January 2018 and has already introduced various products and services for its target markets: the land-based OFWs, seafarers, immigrants, and Filipinos with working visas.
These include deposit products such as the EMV-enabled Visa Debit Card, OFBank Checking Account, Easy Savings Plus, High Yield Savings Account, USD Savings Deposit, and USD Time Deposit; along with various loan products such as housing, multi- purpose, salary, and SME loans. Remittance services are likewise available to OFBank clients through LANDBANK’s extensive network of remittance partners worldwide.
As of end-April 2019, around 2,000 new OFW accounts have been opened with OFBank.
3. Continuing initiatives and plans
OFBank is currently in a transition process to move toward a “One- Branch Digital Bank” model. This includes consolidating OFBank branches which started in March 2019 upon receipt of approval from the Bangko Sentral ng Pilipinas.
Part of the transformation to utilize mobile and online platforms is the integration with LANDBANK’s iAccess retail banking portal, which allows OFBank clients to conduct banking transactions online. The OFBank Mobile Banking App was launched in July 2018.
The OFBank Board of Directors is further reviewing the Bank’s business model to ensure that the needs and concerns of the target clientele are aptly addressed.
Thank you and I hope we were able to clarify these issues. Please feel free to call us at 405-7634 if you have other questions.
CATHERINE ROWENA B. VILLANUEVA
First Vice President, Corporate Affairs Department
Land Bank of the Philippines