this story was taken from www.inq7money.netURL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=06&dd=09&file=9
Posted: 4:11 AM Jun. 09, 2006Inquirer
RIZAL Commercial Banking Corp. (RCBC) is targeting $1.5 billion worth of cash remittances from overseas Filipino workers this year, up 50 percent from the $1.0 billion coursed through it last year, bank president and chief operating officer Francisco Magsajo Jr. said.
Consumer banking accounts for 17 percent of RCBC revenues, and the bank wants this to grow to as much as 35 percent over the next three years, Magsajo said.
Overseas Filipinos' remittances through banks are expected to reach $11.0 billion this year from $10.7 billion in 2005, according to central bank projections.
Last year, 981,677 Filipinos workers were deployed overseas, up five percent from 2004.
RCBC on Thursday relaunched its Internet and phone banking services in what Magsajo said was meant to highlight them as a marketing strategy to boost its consumer banking business.
With INQ7.net
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