11/15/2011 | 07:13 PM
Rural bankers see an opportunity to be competitive in the money transfer
business, which they intend to maximize by joining the Philippine
Payments and Settlements System (PhilPaSS) of the Bangko Sentral ng
Pilipinas.
“While remittance centers are a dime a dozen, there is still a way for
us rural bankers to enter the industry by offering a faster yet
affordable service to our clients in the countryside who are also
beneficiaries of many OFWs. This is where the PhilPaSS remitting system
comes in," said Ian Pama, president of the Rural Bankers Association of
the Philippines (RBAP), which has 600 members.
Pama said none of the RBAP members have yet tapped into the PhilPaSS,
the online and real-time payment system the BSP administers to
facilitate transactions between banks.
"RBAP has a strategic role to play if and when the organization decides
to use the system. Should RBAP members decide to use the system, then we
can offer cheaper, if not the cheapest transaction fees without
incurring any losses,"
The BSP has been urging banks to use the PhilPaSS Remit System for OFW
remittances because it has a rate of P50 per transaction compared to
P100 to P500 per charged by other money transfer systems. — ELR/VS, GMA News
http://bit.ly/rZ2IsI
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