The Overseas Filipino (OF) Bank registered P1.5 billion worth of online transactions in May.
During the Laging Handa briefing of PTV, OF Bank President and Chief Executive Officer (CEO) Leila Martin said this was their registered total inflows from their e-banking and remittance transactions as of May 31, 2021.
She noted some of these transactions came from the 37,000 accounts of overseas Filipino workers (OFW) and their beneficiaries.
Martin said the covid-19 pandemic that led to movement restrictions helped boost increased their e-banking transactions by three-folds.
“We can see now that Filipinos are embracing e-banking because of the pandemic and they don’t want to go out much,” Martin said.
The OF bank is the first digital-only and branchless government bank.
It operates as a subsidiary of the Land Bank of the Philippines and caters to the needs of OFs, OFWs and their beneficiaries.
“OF Bank utilizes digital banking technology, so this means where ever you are in the world, they could still do their online [transactions] in the OF Bank mobile banking app,” Martin said.