New OFW bank eyes branches abroad
This bank will go where the Pinoys are.
The newly-opened Overseas Filipino Bank is planning massive expansions so that it can directly cater to the needs of its target market.
Its mother unit, the Land Bank of the Philippines, and the Department of Finance (DOF) are currently studying where it is practical to set up a foreign branch to capture overseas Filipino workers (OFW).
“The DOF and LandBank are also planning to secure licenses in other countries with large concentrations of overseas Filipinos so the LandBank can provide financial advisory services to the Filipino communities in these areas,” Finance Secretary Carlos Dominguez III said.
The first branch of the OF Bank opened on Thursday, Jan. 18 at the Liwasang Bonifacio in Manila.