When you’re working abroad, it’s easy to focus on the day-to-day: sending money home, managing bills, saving what’s left. But there’s one powerful tool many OFWs overlook — their credit history in the Philippines.
A good credit score can make life back home easier. It can open doors to car or housing loans, better business opportunities, and even smoother reintegration when you decide to return. The key is choosing the right banks that actually report your credit activity to the Credit Information Corporation (CIC), the country’s official credit registry.
Here’s what you need to know before you open another account or apply for a loan.
Common Misconceptions About Credit
Many OFWs assume remittances alone build credit. Unfortunately, that’s not the case. While remittance records show consistency, they don’t automatically translate into a credit score unless the bank reports your activity to the CIC.
Other common myths:
- “All banks report to CIC.” — Not true. Some rural and cooperative banks don’t.
- “No debt means good credit.” — Actually, it means you’re invisible to lenders. You need credit activity (like loans or cards) to prove reliability.
Mistakes OFWs Often Make
Even disciplined savers can fall into traps that slow down their credit growth.
- Relying only on remittance accounts. Without upgrading to a credit product, your record stays blank.
- Applying for too many cards at once. Each rejection or “hard inquiry” lowers your score.
- Missing due dates. Time zone differences or overseas schedules can lead to delayed payments.
- Borrowing from informal lenders. These don’t report to the CIC — they only cause financial stress.
Avoiding these pitfalls will save you years of rebuilding later.
Why These Banks Are Best for OFWs
1. BDO (Banco de Oro)
- Offers the BDO Kabayan Savings, made for OFWs.
- Easy to upgrade to a credit card once your remittance record is established.
- Loans and credit cards are reported to the CIC, helping you build history fast.
- Learn more about BDO Kabayan Savings through their official site.
2. BPI (Bank of the Philippine Islands)
- Has BPI Pamana Padala and secured credit cards backed by time deposits.
- Ideal for OFWs starting with small, manageable limits.
- Reliable online access for those based overseas.
- Visit BPI’s Pamana Padala page for details on OFW-friendly accounts.
3. Metrobank
- Offers flexible OFW remittance accounts and credit cards.
- Reports loans and cards to CIC.
- Large international remittance network for easier transfers.
- Check Metrobank’s official site to explore its OFW and remittance services.
4. Landbank
- Government-owned, with OFW Reintegration Program Loans in partnership with OWWA.
- Perfect for OFWs investing in housing or business.
- Loan repayments go straight to your CIC record.
- Learn about Landbank’s OFW Reintegration Program on their website.
5. Security Bank
- Known for Fast Track Secured Credit Cards — deposit-backed and beginner-friendly.
- Transparent fees and responsive customer service.
- Loans and credit cards accessible with remittance proof.
- Visit Security Bank’s official credit card page for application details.
What OFWs Often Overlook
Credit building isn’t limited to loans. You can strengthen your profile through small but consistent actions:
- Apply for secured credit cards to show repayment discipline.
- Ensure your utility bills are under your name.
- Explore Landbank-OWWA loans that report to CIC.
- Check your CIC credit report regularly to track progress and correct errors.
These quiet habits compound into financial credibility.
How to Build Credit Effectively as an OFW
- Open an OFW-focused savings account like BDO Kabayan or BPI Pamana Padala.
- Use your remittance record as proof of stable income when applying for a small loan or card.
- Start with secured credit. Deposit-backed cards are low-risk and great for beginners.
- Pay on time, every time. Consistency matters more than the amount.
- Diversify gradually. Once stable, explore personal loans, car financing, or home loans.
- Monitor your CIC report to stay informed of your progress.
Bonus: The Smarter Path for OFWs
Instead of waiting until you return home, start building your credit while abroad.
- First Year: Open a remittance-linked account, maintain regular deposits.
- Second Year: Apply for a secured card, use it for bills and pay promptly.
- Third Year: Qualify for a personal or business loan, expand your credit mix.
By the time you’re ready to invest or buy property, your record will already speak for your reliability.
When Not to Rely on These Options
Some platforms are convenient but not helpful for credit history:
- Pure remittance centers like Western Union or Palawan Express — they move money but don’t report credit.
- Digital wallets like GCash and Maya — great for payments, limited for credit reporting.
- Rural banks not registered with CIC — good for local savings, but won’t build credit.
Stick with institutions officially connected to the CIC.
Key Takeaways
If you want a credit score that works for your future, choose banks that:
- Report to the Credit Information Corporation (CIC),
- Offer remittance-linked and secured products,
- Provide easy online access while you’re abroad.
Among all, BDO and BPI are the most beginner-friendly for OFWs, while Landbank is ideal for those eyeing reintegration or business ventures.
The earlier you start, the stronger your foundation for returning home — not just with savings, but with financial credibility.
Frequently Asked Questions
- What is the Credit Information Corporation (CIC)?
The CIC is the government’s official credit registry. It gathers data from banks and lenders to create your credit report. - Can I check my credit report online?
Yes. Visit creditinfo.gov.ph and request a copy for a small fee or through accredited bureaus like CIBI or TransUnion. - What happens if I don’t have any credit yet?
You’ll have a “thin” or blank credit file. Start with a secured card or small loan to begin establishing history.
4. Does sending remittances help my score?
Not directly. Only credit activity (loans, cards, or bills under your name) builds your official record.