BPI eyes setting up new remittance centers in Europe

By Estrella Torres

Reporter

THE Bank of the Philippine Islands (BPI) is eyeing Europe, specifically London, Milan, Rome and Paris, in setting new remittance centers to dissuade Filipino workers from using backdoor channels in sending money to their families in the Philippines. The BPI remittance service with 17 centers tied up with commercial banks abroad has remitted $2.8 million in 12 months last year with 15-percent growth from the amount in 2005. "Europe is a promising region for remittance centers because of the presence of Filipinos with good earnings. We intend to increase our services there in partnership with commercial banks," said BPI vice president Raul Dimayuga. In France, where there are a total of 65,000 Filipino workers, mostly domestics, the BPI has a current partnership with Banque D' Escompte. The BPI launched on Friday its search for 10 outstanding Expat Pinoy Children as part of the bank's recognition of the contributions of the investments and remittances of Filipino workers. He also said that remittance centers coursed through banks could also address the proliferation of underground remittance centers in Europe that usually put the Filipino workers' money in danger of being lost or laundered. The current rate in sending remittance in commercial banks is at $7 to $8 per transaction and €7 to €8 euros regardless of the amount. "The cost of sending money is even expected to be lower in the next few years because of the opening of new remittance centers. It's really market-driven and the Filipino workers will benefit from it," said Dimayuga. Money being sent by Filipino seafarers represents the largest bulk of total remittances coursed through BPI, with 60-percent total share. The BPI official also said that 20 percent of the total remittances come from the US, while 5 percent to 10 percent come from those in the Middle East.

 

http://www.businessmirror.com.ph/02132007/economy04.html