THE government’s official digital financial institution, Overseas Filipino Bank (OFBank) raised a total of $203,200 or P10.285 million from the recent Retail Dollar Bonds (RDB) offering of the Bureau of the Treasury.
OFBank provided overseas Filipino workers (OFWs), including their family members and other Filipinos in the country with active OFBank account during the selling period, a way to invest in RDBs via the bond purchase feature of its mobile banking app (MBA). This enabled them to access a fixed-income opportunity, allowing their investments to earn more than traditional savings.
“Investing in government securities is now easier anytime, anywhere with the OFBank MBA. Our account holders don’t need to go outside and line up and accomplish various documents in a physical bank. Through our digital purchasing platform, we are also seeing an increased demand from our kababayans overseas to grow their income and expand their investment portfolio,” said OFBank President and Chief Executive Officer CEO Leila C. Martin.
Previously, RDBs were only available to institutional investors. Its recent offer opened the door to retail investors, especially its affordable initial investment of $300 and a top up in $100 increments for more earnings over time. RDBs also have attractive interest rates, with 1.375 percent for a five-year term and 2.25 percent for a 10-year term.
The interest payments will be credited to their account every three months and automatically converted into Philippine Peso.
OFBank chairman and LandBank president and CEO Cecilia C. Borromeo explained that funds raised through these bonds will help finance priority government development projects including roads, schools, dams, and other infrastructure.
“Investing in RDB contributes to fast-tracking the country’s recovery and sustained growth trajectory,” she added.
Through the OFBank MBA, which can easily be downloaded via Google Play or App Store, Filipinos everywhere were given the chance to avail themselves of previously intimidating or inaccessible investment instruments such as bonds.