Overseas Filipino Bank: The capstone of six years of financial momentum

The Philippines has long owed a debt to its overseas foreign workers (OFWs). Even after the disruptions of the pandemic, overseas workers sent back $31.4 billion to the country in 2021, and the central bank expects a 4% rise in that number this year.

From Singapore to Saudi to a thousand merchant ships around the globe, these workers routinely send home sums equivalent to around 9% of the Philippines’ GDP.

“Historically, OFWs have played a significant role in fuelling the country’s economic growth,” says Leila Martin, chief executive of Overseas Filipino Bank.