Overseas Filipino Bank
A Philippine state-owned, branchless digital bank focused on overseas Filipinos, overseas Filipino workers, and their families.
Last updated August 31, 2026
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Overview
Overseas Filipino Bank, commonly known as OFBank, is a Philippine state-owned bank dedicated to overseas Filipinos, overseas Filipino workers, and their families or beneficiaries. Its present identity combines a long institutional history with a newer digital-banking mandate. The organization originated as the Philippine Postal Savings Bank, created in 1906 after the Philippine Commission approved legislation establishing a postal savings institution. It was modeled on similar savings banks operating in British colonies and was intended to extend basic banking access through the postal system. The original bank was closed in 1976 amid competition from privately owned banks. It was revived in 1994 under Republic Act No. 7354, the charter of the Philippine Postal Corporation. Although it was associated with the postal corporation, the bank was governed separately from PhilPost. In 2013, it adopted the PostBank identity as part of a renewed operating and market position. A major transformation began in 2016, when Land Bank of the Philippines announced plans to acquire PostBank and reorganize it around the financial needs of overseas Filipino workers and their families. Executive Order No. 44, issued in September 2017, directed the transfer of the relevant PostBank shares held by the Philippine Postal Corporation and the Bureau of the Treasury to LandBank at zero value and provided for the bank's conversion into the Overseas Filipino Bank. The Bangko Sentral ng Pilipinas Monetary Board approved the acquisition in December 2017, and the Philippine Competition Commission authorized it in January 2018. The reorganized bank was inaugurated as OFBank on January 17, 2018. OFBank initially operated as a digital-centric thrift bank. Its purpose was to make banking and remittance-related services more accessible to Filipinos working abroad and to the relatives and beneficiaries receiving funds in the Philippines. In June 2020, LandBank and OFBank held a virtual relaunch that highlighted online account opening, a redesigned digital presence, and services intended to make it easier for overseas Filipinos to send money home. Customers could submit requirements through the bank's mobile application rather than relying exclusively on conventional branch visits. The bank completed a further regulatory transition in March 2021. The BSP Monetary Board granted it authority to operate as a fully digital-only bank, making OFBank the first institution authorized under the Philippines' digital-bank framework. In this model, the bank operates without a traditional branch network and delivers its core customer journey through electronic channels. Its focus includes digital deposit accounts, remittance-linked banking, and lending or other financial services for overseas Filipinos and their dependents. OFBank is a subsidiary of LandBank and is one of the Philippines' state-owned banking institutions. It is smaller than the country's other principal government-owned banks, LandBank and the Development Bank of the Philippines, and has historically ranked among the smaller thrift banks by assets. Its strategic role is less about broad universal-bank coverage than about targeted financial inclusion: connecting overseas Filipino earners, their families, and domestic beneficiaries to formal banking, savings, transfers, and credit through a mobile-first platform.
History
Overseas Filipino Bank began in 1906 as the Philippine Postal Savings Bank. The institution followed a postal-savings model used in other British-influenced colonial banking systems. Its creation followed a 1903 inquiry commissioned by Governor-General William Howard Taft, a report submitted in 1904, and legislation approved by the Philippine Commission on May 24, 1906. The bank was closed in 1976 as private banks expanded their competitive presence. It returned in 1994 under Republic Act No. 7354, the charter of the Philippine Postal Corporation. Despite its postal affiliation, the bank operated under separate governance from PhilPost. In 2013 it began using the PostBank name for its banking operations. The institution's strategic direction changed in 2016, when Land Bank of the Philippines announced its intention to acquire PostBank and focus it on overseas Filipino workers and their families. Executive Order No. 44, issued in September 2017, directed the transfer of PostBank shares held by the Philippine Postal Corporation and the Bureau of the Treasury to LandBank at zero value and called for the bank to be converted into Overseas Filipino Bank. The BSP Monetary Board approved the acquisition in December 2017, followed by Philippine Competition Commission authorization on January 11, 2018. OFBank was inaugurated on January 17, 2018. Initially, OFBank operated as a digital-centric thrift bank. In June 2020, it was virtually relaunched with online account opening, an updated website, and a mobile application designed for overseas Filipinos, overseas Filipino workers, and their beneficiaries. The digital model was intended to reduce dependence on branch visits and support faster remittance and account-access processes. On March 25, 2021, the BSP Monetary Board granted OFBank a license to operate as a fully digital-only bank. This made it the first authorized digital-only bank in the Philippines. OFBank consequently became a branchless subsidiary of LandBank whose principal service proposition is mobile and online banking for overseas Filipino customers and households receiving funds from abroad.
- 2021
First Philippine digital-only bank authorization
[1]The BSP authorized OFBank to operate as a fully digital-only bank.
- 2020
Digital relaunch
[1]OFBank introduced digital account opening and refreshed its online customer channels.
- 2018
OFBank inaugurated under LandBank ownership
[1]The reorganized institution was inaugurated as Overseas Filipino Bank and became a LandBank subsidiary.
- 2017
Conversion into OFBank mandated
[1]Executive Order No. 44 set out the transfer of shares to LandBank and the conversion of PostBank into Overseas Filipino Bank.
- 2013
PostBank identity introduced
[1]The institution rebranded its banking operations as PostBank.
- 1994
Institution reopened
[1]The bank resumed operations under the Philippine Postal Corporation's statutory charter.
- 1976
Bank operations closed
[1]The original postal savings bank was closed amid competition from privately owned banks.
- 1906
Philippine Postal Savings Bank established
[1]Legislation approved by the Philippine Commission created the institution that later became OFBank.
Products and positioning
A government-owned, digital-only Philippine bank designed around the remittance, savings, and financing needs of overseas Filipinos and overseas Filipino workers.
Digital banking · 2020
OFBank Digital Account
A digitally opened bank account intended for overseas Filipino workers, other overseas Filipinos, and their families or beneficiaries. The application process is designed to be completed through electronic channels and the OFBank mobile application, reducing the need for customers to visit a physical branch.
Payments and remittances · 2018
Remittance services
Banking and transfer services oriented toward Filipinos working abroad and households receiving money in the Philippines. OFBank's digital proposition is intended to make sending funds home and accessing related banking services more convenient.
Consumer and migrant-worker finance
Loan products
Credit services associated with OFBank's mandate to address the financial needs of overseas Filipino workers and their families. The available reference material identifies lending as part of the bank's scope but does not specify individual product names or terms.
Marketing campaigns
- 2020OFBank digital relaunch
Philippines · Overseas Filipino communities
The virtual relaunch presented OFBank's digital account-opening platform, improved website, official Facebook presence, and mobile application for overseas Filipino workers, overseas Filipinos, and beneficiaries.
Outcome. The relaunch reinforced OFBank's positioning as a digital-first bank serving remittance-linked households.
Brand decisions
2021
Transition to a fully digital-only bankStrategyBackground
OFBank initially operated as a digital-centric thrift bank while building a branchless service model.
Action taken
The BSP Monetary Board granted OFBank authority to operate as a fully digital-only bank.
Aftermath
OFBank became the first authorized digital-only bank in the Philippines.
2017
Government mandates conversion into Overseas Filipino BankStrategyBackground
The Philippine government sought a dedicated state-owned institution for the financial needs of overseas Filipinos.
Action taken
Executive Order No. 44 directed the transfer of relevant shares to LandBank and specified the conversion of PostBank into OFBank.
Aftermath
The acquisition received BSP approval in December 2017 and competition-authority approval in January 2018, followed by OFBank's inauguration.
2016
LandBank acquisition plan for PostBankM&ABackground
LandBank sought to acquire PostBank and redirect the institution toward overseas Filipino workers and their families.
Action taken
LandBank announced plans to acquire and reorganize the thrift bank.
Aftermath
The plan led to the statutory and regulatory steps that created OFBank as a LandBank subsidiary.
Sources1 sources
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