The government established Friday the first-ever bank dedicated to the needs of overseas Filipino workers that will help unlock investment opportunities.
Finance Secretary Carlos Dominguez III said the Overseas Filipino Bank was envisioned to provide a wide array of financial services to overseas Filipinos, especially the country’s migrant workers, so that they would no longer be vulnerable to expensive remittance services and investment scams.
Dominguez said in a statement the OFB would handle remittances, support investments made by overseas-based Filipinos, and help build their financial literacy as well as “financial sophistication.”
Dominguez asked the office of Foreign Affairs Secretary Alan Peter Cayetano to instruct Philippine embassies across the globe to help disseminate the good news about the OFB to overseas-based Filipinos.