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.
History
The Overseas Filipino Bank was established as Philippine Postal Savings Bank in 1906.[2] Governor-General of the Philippines, William Howard Taft, commissioned a report in 1903 to consider the advisability of establishing the bank.[2] The report was submitted to the Philippine Commission in 1904, which subsequently recommended the establishment of the bank. Legislation to create the bank was passed by the Philippine Commission on May 24, 1906.