Business
๐๐ ๐๐๐ง๐ค ๐จ๐๐๐๐ซ๐ฌ ๐ณ๐๐ซ๐จ ๐ซ๐๐ฆ๐ข๐ญ๐ญ๐๐ง๐๐ ๐๐๐๐ฌ ๐๐จ๐ซ ๐จ๐ฏ๐๐ซ๐ฌ๐๐๐ฌ ๐ ๐ข๐ฅ๐ข๐ฉ๐ข๐ง๐จ๐ฌ
To further ease the burden of overseas Filipinos remittances to the Philippines, Overseas Filipinos (OF) Bank offers zero percent transaction fees compared to the global average of 6.5 percent.
OFBank President and CEO Elcid Pangilinan said, โThe only cost to our kababayans abroad is the foreign exchange from their bank abroad to the OFBank,โ during the 6th installment of The Chairmanโs Report hosted by Commission on Filipinos Overseas (CFO) Secretary Dante โKlinkโ Ang II.
Pangilinan emphasized that the bank is committed to making remittances more affordable for overseas Filipinos, as part of its core mission to support families back home.
โPart of the mandate is to lower the cost of sending money,โ said Pangilinan. โThe current rate is 10 percent for traditional banks. Money transfer offices are about 6.5 percent. The UN goal is to bring it down to three percent. OFBank offers it at zero percent. It will not cost you anything.โ
To further strengthen this drive, the financial institution has partnered with CFO to enhance financial literacy and support for overseas Filipinos.
As part of this commitment, the CFO runs Peso Sense, a flagship financial literacy campaign designed to equip Filipinos, especially overseas Filipinos and their families, with the tools and knowledge to make informed financial decisions, avoid scams, and build sustainable futures.
Ang highlighted the CFOโs ongoing efforts to provide comprehensive support for Filipinos overseas, stressing that, โfinancial education and access are essential pillars of long-term reintegration and resilience.โ
He emphasized the importance of forging robust partnerships with institutions like OFBank to help overseas Filipinos manage their finances wisely and contribute meaningfully to the countryโs economic growth.
OFBank is the first fully digital bank in the Philippines, offering a seamless, branchless banking experience tailored for Filipinos at home and abroad. Clients can open an account anytime, anywhere, without the need for an initial deposit or maintaining balanceโremoving common barriers to access and making banking more inclusive and convenient for all.
โWe are being challenged to provide services to our kababayans and we accept this challenge to make it more efficient for our kababayans abroad to be able to send money to their loved ones, in a very secure, very efficient, and very safe manner at no cost,โ Pangilinan said.
This partnership between the Commission on Filipinos Overseas (CFO) and the Overseas Filipino Bank (OFBank) reflects the core goals of President Ferdinand R. Marcos Jr.โs Bagong Pilipinas agendaโmodernizing public services, expanding financial access, and strengthening support for Filipinos abroad.
By offering cost-free remittances and fully digital banking, the initiative directly addresses long-standing challenges faced by Overseas Filipinos and their families, while helping build a more efficient and responsive government that delivers where it matters most.
๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฆ๐ข๐ฌ๐ฌ๐ข๐จ๐ง ๐จ๐ง ๐
๐ข๐ฅ๐ข๐ฉ๐ข๐ง๐จ๐ฌ ๐๐ฏ๐๐ซ๐ฌ๐๐๐ฌ
The Commission on Filipinos Overseas (CFO), established under Batas Pambansa Bilang 79, is dedicated to the welfare and empowerment of Filipinos permanently or extendedly residing abroad. The CFO also engages with the Filipino diaspora in order to strengthen their social, economic, and cultural ties with the Philippines.
Distinct from the Department of Migrant Workers which caters to overseas Filipino Workers (OFW) and other temporary migrants, the CFOโs primary stakeholders include Filipino permanent migrants, dual citizens, spouses and partners of foreign nationals, individuals under the Exchange Visitor Program, au pair participants bound for Europe, and Filipino descendants overseas.
For more information, please contact the CFO Office of the Secretary through osec@cfo.gov.ph
