Overseas Filipino Bank

Bank in the Philippines

Overseas Filipino Bank

Logo

OFBank Head Office in Liwasang Bonifacio, Manila

Formerly| Philippine Postal Savings Bank, Inc
(1906-1976, 1994-2018)
Company type| State-owned
Industry| Finance and Insurance
Founded| Manila, Philippines
(May 24, 1906; 118 years ago (1906-05-24))
(1994; 30 years ago (1994))
Headquarters| Manila, Philippines

Key people

| Ma. Lynette V. Ortiz,  (Chairman)
Randolph L. Montesa,  (Vice Chairman, President and CEO)

Net income

| P-609.27 million PHP (2019)[1]
Parent| Land Bank of the Philippines
Website| www.ofbank.com.ph

The Overseas Filipino Bank (OFBank) is the state-owned digital-only, branchless bank in the Philippines. Formerly known as the Philippine Postal Savings Bank (PPSB) or PostBank, it is the smallest of the Philippines' three state-owned banks (the others being Land Bank of the Philippines and Development Bank of the Philippines), and is the 16th largest thrift banks in terms of assets. Its services are catered to the needs of Overseas Filipinos (OFs), Overseas Filipino Worker (OFWs), and their families or beneficiaries. Since 2018, it has been a subsidiary of LandBank.

## History[edit]

President Rodrigo Duterte (4th from left) leads the unveiling of the logo of the Overseas Filipino Bank (OFBank) during the launching on January 18, 2018, at the Postbank Center in Manila.

Established as Philippine Postal Savings Bank in 1906, the bank was closed in 1976 as a result of competition with privately owned banks, but was reopened in 1994 pursuant to the provisions of Republic Act No. 7354, the charter of the Philippine Postal Corporation.[2] In 2013, the bank rebranded its operations as "Postbank".[3] Despite the legal affiliation, the PPSB is governed separately from PhilPost.

On November 16, 2016, Land Bank of the Philippines announced plans to acquire Postbank and reorganize the thrift bank to be a lending bank for the Overseas Filipino Workers (OFWs) and their families.[4] President Rodrigo Duterte issued Executive Order No. 44 in September 2017 which mandates the Philippine Postal Corporation and the Bureau of the Treasury their PostBank shares to Land Bank at zero value. The edict also states that PostBank will be converted to the "Overseas Filipino Bank".[5]

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the Philippines' central bank, approved Land Bank's acquisition of PostBank in December 2017 while the Philippine Competition Commission authorized Land Bank to acquire PostBank on January 11, 2018.[5] The bank was inaugurated as the Overseas Filipino Bank at the Postbank Center by President Duterte on January 17, 2018.[6]

On June 29, 2020, Land Bank of the Philippines virtually launched the Overseas Filipino Bank (OFBank) which aims to help Filipinos employed abroad to send money back to the Philippines faster. The virtual launch includes the presentation of OFBank’s new offerings such as digital accounts opening platform catering to OFWs, other Overseas Filipinos (OFs), and their families or beneficiaries, as well as the improved website and official Facebook page. As it is a digital-only bank, OFWs and their beneficiaries can just submit all requirements online through OFBank's mobile app.[7]

Facade in May 2023

OFBank initially after its launch operated as a "digital-centric" bank using its license to operate as a thrift bank. It transitioned to a fully digital bank after it was given a license to operate as a digital-only bank on March 25, 2021, by the BSP's Monetary Board. OFBank became the first authorized digital-only bank in the Philippines.[8]

## Leadership[edit]

### Board of Directors[edit]

* Chairman: Ma. Lynette V. Ortiz
* Vice-Chairman: Randolph L. Montesa
* Members:
* Alan V. Bornas
* Bituin V. Salcedo
* Robert L. Gosioco
* Leticia V. Damasco
* Alex A. Lorayes
* Atty. Roderick P. Sacro
* Board Secretary: Atty. Jettmar Aswige Taliping

### Management Team[edit]

* Randolph L. Montesa - President & CEO
* Pacifico C. De Paz Jr. - Vice President, Technology Management Unit
* Mary C. Calacasan - Head, Administrative Services Unit
* Maria Chona P. Gregorio - Central Point of Contact & Treasurer (Seconded from LANDBANK)
* Joanna C. Sangrador - Head, Electronic Business Unit
* Patricia P. Madrio - Head, Financial Management Unit

Other LANDBANK Seconded Personnel:

* Jose Aryiel G. Castor - Relationship Officer
* Romelita M. Atienza - Technical Assistant to the President & CEO
* Christine Anne N. Salapare - Senior Administrative Specialist

## See also[edit]

* Banks portal

* List of banks in the Philippines
* Digital banks in the Philippines

## References[edit]

1. ^ "CoA PH". CoA PH. Retrieved February 2, 2021.
2. ^ Alfredo Rosario, "From the Sidelines: A Bright Future for the Postal Bank", The Manila Times, May 25, 2006
3. ^ "Postbank: Surviving the Changing Times"[dead link], Manila Bulletin, December 17, 2013
4. ^ "Land Bank to buy Postbank, convert it to OFW lender". November 16, 2016.
5. ^ a b "Launch of OF Bank fulfills PRRD's campaign promise". Department of Finance (Philippines). January 17, 2018. Retrieved January 18, 2018.
6. ^ Gita, Ruth Abbey (January 18, 2018). "Duterte inaugurates OFW Bank". SunStar Philippines. Retrieved January 18, 2018.
7. ^ Rivas, Ralf (June 29, 2020). "Gov't launches Overseas Filipino Bank". Rappler. Rappler. Retrieved June 29, 2020.
8. ^ Cabuenas, Jon Viktor (April 4, 2021). "Overseas Filipino Bank scores Philippines' first digital-only license". GMA News. Retrieved April 5, 2021.

## External links[edit]

* Official website
* Media related to Overseas Filipino Bank at Wikimedia Commons

* v
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Banks in the Philippines

Bangko Sentral ng Pilipinas

Universal banks|

* Asia United Bank
* BDO
* BPI
* Chinabank
* EastWest Bank
* Metrobank
* PNB
* Philtrust
* RCBC
* Security Bank
* UnionBank

Government banks|

* Al-Amanah Islamic Investment Bank of the Philippines
* DBP
* Landbank
* OFB

Commercial banks|

* Bank of Commerce
* Chinatrust
* HSBC
* Maybank
* PBCom
* Standard Chartered
* Veterans Bank

Thrift banks|

* BPI Direct Savings Bank
* China Bank Savings
* CitySavings
* Citystate
* PBB
* PSBank
* Queenbank
* Security Bank Savings

Digital banks|

* CIMB Bank
* GoTyme Bank
* ING Philippines
* Maya Bank
* Tonik

Other banks|

* Cooperative banks
* Rural banks

Defunct|

* Allied Bank (merged with PNB)
* Banco Filipino
* Citibank (merged with UnionBank)
* Equitable PCI Bank (merged with BDO)
* Exportbank (merged with UnionBank)
* International Exchange Bank (merged with UnionBank)
* Plantersbank (merged with Chinabank)
* Premiere Development Bank (merged with Security Bank)
* RBank (merged with BPI)
* UCPB (merged with Landbank)

* v
* t
* e

Overseas Filipino Workers (OFWs)

Government agencies /
State-owned corporations|

* Department of Migrant Workers (DMW)
* Commission on Filipinos Overseas (CFO)
* Department of Labor and Employment (DOLE)
* Philippine Overseas Employment Administration (POEA)
* Department of Foreign Affairs (DFA)
* Overseas Workers Welfare Administration (OWWA)
* Overseas Filipino Bank (OFB)

Relevant events|

* Kidnapping of Angelo dela Cruz
* OFWs convicted of death penalty
* Sarah Balabagan
* Flor Contemplacion
* Mary Jane Veloso
* 2018 Kuwait–Philippine diplomatic crisis
* Death of Jeanelyn Villavende
* Murder of Jullebee Ranara

Other|

* Deployment bans
* Overseas Employment Certificate

* See also: Overseas Filipinos
* Economy of the Philippines
* Foreign relations of the Philippines

Authority control databases

International|

* VIAF

National|

* United States

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