Opening an account at Overseas Filipino Bank for OFWs is as easy as 1-2-3. The procedure is similar to that of opening an account with other commercial banks.
With its main office located at Liwasang Bonifacio in Ermita, Manila, just follow these simple steps:
1. Proceed to the bank’s New Accounts desk;
2. Present valid proof of identification such as passport and other government-issued IDs;
3. Fill-up the application form and submit to the new account’s staff.
Currently, the bank has only one branch in Manila. However, the government is eyeing on opening branches in Iloilo, Cebu, Legaszpi, Cagayan de Oro and other cities with an existing Philippine Postal Savings Bank branch for the convenience of many OFWs.
According to DOLE (Department of Labor and Employment) Secretary Silvestre Bello III, aside from savings account, the bank also offers a Future Savings Plan, Loans as much as Three Hundred Fifty Thousand (P350,000) pesos with only 6 % interest per annum (year) with NO collateral and foreign currency remittances at low rates and could possibly be free of charge in the near future.
The establishment of the Overseas Filipino Bank is a fulfillment of President Duterte’s promise to the OFWs during his candidacy.
In some reports, the bank will soon open its branches in Abu Dhabi, Dubai, and Bahrain. But as of this writing, the certainty to such reports had not yet been established.