OFBank’s mobile banking app opens opportunities for OFWs to invest, grow hard-earned money

FILIPINOS, particularly those working overseas, are encouraged to explore opportunities not only to save but grow their hard-earned savings by investing in the bond market via the Overseas Filipino Bank’s (OFBank) mobile banking app.

In 2020, the country’s first branchless digital-only bank started offering the Bureau of the Treasury’s (BTr) Premyo Bonds2, Retail Treasury Bonds (RTBs) and Retail Dollar Bonds (RDBs), in line with the bigger goal to advance financial inclusion in the country.

OFBank is a subsidiary of state-owned Land Bank of the Philippines.

Through the OFBank Mobile App, retail investors could invest anywhere and anytime in medium to long-term government investment products for as low as P5,000 for RTBs and P15,000 for RDBs.

“The OFBank Mobile App does not only expand access to investments for OFWs and their beneficiaries, but also opens the path to achieving their best possible financial future. This allows OFWs to start investing their hard-earned money in bonds, complementing their savings, insurance, real estate assets, and income from small businesses,” said OFBank president and chief executive officer Leila Martin in a statement.

OFBank has simplified its investment process to encourage people to put their money to work—from removing brokers and traders from the equation to minimizing hard copy application documents; from making face-to-face interactions in physical branches unnecessary to shortening each purchasing step.

The app is also easily downloadable from Google Play and the Apple App Store.

“OFBank is the very first bank in the country to receive a digital banking license. And we want to continue being the first to reach Filipinos wherever they are, as we are now present in 123 countries. OFBank is here to support every step of their journey to financial stability – from the first time they open a digital bank account, to when they look for opportunities to grow their hard-earned money, and until they reap the benefits of those investments,” said Martin.

Fixed-income opportunity

These bonds allow OFWs and their beneficiaries a fixed-income opportunity. With attractive interest rates, their investments can earn more than traditional regular deposit accounts and treasury bills.

For Retail Dollar Bonds, OFWs and their beneficiaries also welcomed the option to purchase dollar bonds using their existing OFBank peso accounts.

Bonds are also relatively risk-free options as they are offered by the government.

“Knowing that the government uses sales generated from these investment instruments to fund the country’s major development projects and pandemic recovery and resiliency programs motivated many of our OFWs and their beneficiaries to participate,” said Martin.

Aside from the Philippines, topping the list of OFW markets which participated in the last bond offering were United Arab Emirates, Saudi Arabia, Qatar, Kuwait, and Singapore.

On top of these government securities, OFBank will soon offer more investment tools for retail investors, including the Unit Investment Trust Fund, through its mother bank, the Land Bank of the Philippines.

UITF is an open-ended pooled trust fund that is invested collectively in a diversified portfolio, offering investors an affordable investment opportunity with a simple, more convenient, and less time-consuming method of starting a diversified portfolio.