In less than two years, the completion of P550 million OFW hospital is expected. This was after the launching and groundbreaking made last May 1 in San Fernando Pampanga where the state-of-the-art facility will soon to rise to provide free services to OFWs and their dependents.
The OFW Hospital and OFW Bank were two of the promises made by President Rodrigo Duterte to our “modern-day heroes”. The launching of OFW Hospital has been a talk of the town lately, but what happened to the OFW Bank?
According to President Spokesman Salvador Panelo, OFW Bank remained non-operational for more than a year since Duterte signed the Executive Order No. 44 converting the Post Bank into OFW Bank. One of the reasons stated was the delay in the appointments of the board of directors.
But in the article published in the Manila Standard dated March 10, 2019. Land Bank of the Philippines through Catherine Rowena Villanueva, first vice president of the Corporate Affairs Department, clarifies that the OFW Bank has been operational since its launch in January 2018 and has already introduced various products and services for its target markets:
Filipinos with working visas
Products and Services
Passbook Savings Account
Postalcash ATM Savings Account
Premium Savings Plan
Peso Time Deposit
US Dollar Savings Deposit
US Dollar Time Deposit
Large Scale Enterprise Loan
Small and Medium Enterprise Loan
Contract-to-Sell (CTS) Financing
OFW Multipurpose Loan
SSS Pensioners’ Loan
Wholesale Microfinance Facility
Agricultural Production Loans
Retail Treasury Bonds
It said that remittance services are likewise available to OFBank clients through Landbank’s extensive network of remittance partners worldwide.
As of the end of April 2019, around 2,000 new OFW accounts have been opened with OFBank. THe OFBank is former PostBank with 31 branches all over the country. For more information about product and services of OFBank, you may check their website — www.overseasfilipinobank.gov.ph.