NextGen Day

Increased support for the government’s financial inclusion and digital financial transactions proposals are expected to increase the number of account holders of the government’s official digital bank, Overseas Filipino Bank (OFBank).

Leila Martin, president, and CEO of OFBank stated in a response to queries from the Philippines News Agency (PNA) on Friday that the app-based bank, which is a subsidiary of the state-owned Land Bank of the Philippines (Landbank), has 52,749 account holders since its debut in June 2020.

“The bank is confident that its deposit/account base will continue to expand as it pushes for greater digital financial inclusion by making formal financial services considerably more accessible and easy,” she added.

Martin said that as of the end of September of this year, their account holders were located in 116 nations and territories, including the Philippines, the United Arab Emirates, Saudi Arabia, Thailand, Qatar, Singapore, the United Kingdom, Canada, Taiwan, and Kuwait.

The bank participated in the government’s recent first-ever Retail Dollar Bond (RDB) sale, enabling 242 transactions totaling USD203,200 (PHP10.285 million) from 33 nations and territories.

RDB requires a minimum investment of USD300, which may be increased in increments of USD100.

“The Bank contributes to the collaborative development of financial inclusion and digital transformation by offering a wide range of dependable and secure banking and investment products and services to suit the various needs of migratory Filipinos and their families,” Martin added.

Martin also stated that the bank is currently preparing services that will allow OFBank account holders to access and invest in Unit Investment Trust Funds, as well as pay contributions to the Social Security System, the Philippine Health Insurance Corporation, and the Home Development Mutual Fund, or Pag-IBIG Fund.

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