China Bank unveils new financial products for OFWs

Sy-led China Banking Corp. (China Bank) rolled out new services remittance, savings, investment, and consumer loans specifically catering to the needs of overseas Filipino workers (OFWs) and their family.

“Through the Overseas Kababayan Services, we are making it easier and more affordable for OFW families to save and invest to expand their earnings, and to help them acquire their very own home or vehicle,” said Jose Sifra, remittance business division head at China Bank, referring to the  bank's newly unveiled program.

Sifra added that China Bank is also expanding its remittance network. The bank is capitalizing on over 300 branches and more than 500 ATMs nationwide, while entering into new remittance tie-ups and building more synergies with the Sy-led SM Group and other partners.

Currently, China Bank has a remittance network and partner cash payout outlets of over 4,000 in the Philippines and at least 1,200 locations worldwide.

Remittances may be for direct credit to the beneficiary’s China Bank account or account in other banks, loaded in a China Bank On-Time Remittance Card or China Bank Smart Money Card.

Funds can also be sent via door-to-door delivery or picked up in cash from any China Bank branch, or from any branch of the bank’s domestic remittance tie-ups: M. Lhuillier, Cebuana Lhuillier, One Network Bank, Palawan Pawnshop, and SM Global Pinoy Center.

To encourage OFWs to open a basic bank account to improve their money management skills as well as make sending money to the Philippines easier and safer, the OKS account features a zero initial deposit and maintaining balance account.

Deposits of at least P1,000 in the OKS account—which comes with an ATM card and may be enrolled in through China Bank Online—earn interest to promote the concept of saving and not withdrawing the whole remittance that gets credited.  

OKS WealthPlus allows OFWs to invest in assets like stocks or high-yielding corporate bonds typically offered only to institutional investors, while OKS HomePlus and OKS AutoPlus loans allow OFWs to access funds for residential and car financing needs at below market rates. — BM, GMA News