[2] The report was submitted to the Philippine Commission in 1904, which subsequently recommended the establishment of the bank.44 in September 2017 which mandates the Philippine Postal Corporation and the Bureau of the Treasury their PostBank shares to Land Bank at zero value.[7] On June 29, 2020, Land Bank of the Philippines virtually launched the Overseas Filipino Bank (OFBank) which aims to help Filipinos employed abroad to send money back to the Philippines faster.The virtual launch includes the presentation of OFBank’s new offerings such as digital accounts opening platform catering to OFWs, other Overseas Filipinos (OFs), and their families or beneficiaries, as well as the improved website and official Facebook page.As it is a digital-only bank, OFWs and their beneficiaries can just submit all requirements online through OFBank's mobile app.