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Manila Bulletin devider Philippines devider National devider Overseas Filipino Bank Charter revision sought for benefit of OFWs

Overseas Filipino Bank Charter revision sought for benefit of OFWs

Published Feb 7, 2025 12:47 pm

At A Glance

  • Kabayan Party-list Rep. Ron Salo believes that there should be a dependable digital bank that would cater to overseas Filipino workers (OFW) and their families.

OFWs.jpg(MANILA BULLETIN)

Kabayan Party-list Rep. Ron Salo believes that there should be a dependable digital bank that would cater to overseas Filipino workers (OFW) and their families.

For this purpose, Salo filed House Bill (HB) No. 11424, or the proposed Act institutionalizing the Overseas Filipino Bank (OFBank).

Also known as the "Overseas Filipino Bank Act", the bill seeks to revise the OFBank's Charter, establishing it as the nation's primary digital bank for Overseas Filipinos (OFs) and their families.

Salo believes that this bill is important at a time when millions of Filipinos rely on remittances and financial services that are not always easily accessible or affordable.

The measure--filed during the tail end of the 19th Congress--aims to provide a comprehensive solution to the financial needs of Filipinos working and living abroad, he said.

"It’s crucial that we harness the power of digital banking to provide overseas Filipinos with seamless, secure financial services while promoting greater financial inclusion. We should ensure that their hard-earned money and support will reach their families back home, no matter where they are in the world,” said the veteran lawmaker.

Since 2020, the state-run Land Bank of the Philippines (LBP) has led the creation of OFBank, a digital-only, branchless bank designed for overseas Filipinos. While it has made progress, further improvements are needed to fully meet the financial needs of OFWs, returning overseas Filipinos (ROFs), dual citizens, and other Filipino expats.

The bill strengthens the bank’s services by providing affordable remittance options, accessible credit, and banking products tailored for Overseas Filipinos. It also sets a capital stock of ten billion pesos, with at least half reserved for Overseas Filipinos and their families.

"The economic contribution of overseas Filipinos is immense, and it is high time we provide them with the banking solutions they deserve. This measure will not only secure a stable financial future for OFWs and their families but also pave the way for a more inclusive and sustainable digital banking landscape," said Salo.

In addition to enhanced banking services, the revised Charter ensures that OFBank's income will fund welfare and reintegration programs. This reinforces the government's commitment to the financial stability and well-being of overseas Filipinos.

"By passing the Overseas Filipino Bank Act, we are not just improving banking services; we are empowering the lives of millions of Overseas Filipinos. This is our way of giving back to those who have sacrificed so much, ensuring they have the tools to build a brighter, more secure future—for themselves and for their families," Salo concluded.

Related Tags

ron Salo Overseas Filipino workers (OFWs) OFBank
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