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]
^Cabuenas, Jon Viktor (April 4, 2021). "Overseas Filipino Bank scores Philippines' first digital-only license". GMA News. Retrieved April 5, 2021.
External linksedit
Official website
Media related to Overseas Filipino Bank at Wikimedia Commons
December 18, 2023
overseas, filipino, bank, ofbank, state, owned, digital, only, branchless, bank, philippines, formerly, known, philippine, postal, savings, bank, ppsb, postbank, smallest, philippines, three, state, owned, banks, others, being, land, bank, philippines, develop. 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 Overseas Filipino BankLogoOFBank Head Office in Liwasang Bonifacio ManilaFormerlyPhilippine Postal Savings Bank Inc 1906 1976 1994 2018 TypeState ownedIndustryFinance and InsuranceFoundedManila Philippines May 24 1906 117 years ago 1906 05 24 1994 29 years ago 1994 HeadquartersManila PhilippinesKey peopleMa Lynette V Ortiz Chairman Randolph L Montesa Vice Chairman President and CEO Net incomeP 609 27 million PHP 2019 1 ParentLand Bank of the PhilippinesWebsitewww wbr ofbank wbr com wbr ph Contents 1 History 2 Leadership 2 1 Board of Directors 2 2 Management Team 3 See also 4 References 5 External linksHistory edit nbsp 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 nbsp Facade in May 2023OFBank 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 editBoard 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 TalipingManagement Team edit Randolph L Montesa President amp 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 amp Treasurer Seconded from LANDBANK Joanna C Sangrador Head Electronic Business Unit Patricia P Madrio Head Financial Management UnitOther LANDBANK Seconded Personnel Jose Aryiel G Castor Relationship Officer Romelita M Atienza Technical Assistant to the President amp CEO Christine Anne N Salapare Senior Administrative SpecialistSee also edit nbsp Banks portalList of banks in the Philippines Digital banks in the PhilippinesReferences edit CoA PH CoA PH Retrieved February 2 2021 Alfredo Rosario From the Sidelines A Bright Future for the Postal Bank The Manila Times May 25 2006 Postbank Surviving the Changing Times dead link Manila Bulletin December 17 2013 Land Bank to buy Postbank convert it to OFW lender November 16 2016 a b Launch of OF Bank fulfills PRRD s campaign promise Department of Finance Philippines January 17 2018 Retrieved January 18 2018 Gita Ruth Abbey January 18 2018 Duterte inaugurates OFW Bank SunStar Philippines Retrieved January 18 2018 Rivas Ralf June 29 2020 Gov t launches Overseas Filipino Bank Rappler Rappler Retrieved June 29 2020 Cabuenas Jon Viktor April 4 2021 Overseas Filipino Bank scores Philippines first digital only license GMA News Retrieved April 5 2021 External links editOfficial website nbsp Media related to Overseas Filipino Bank at Wikimedia Commons Retrieved from https en wikipedia org w index php title Overseas Filipino Bank amp oldid 1178281438, wikipedia, wiki, book, books, library,
