BDO taps Tambunting Pawnshop as new remittance channel

MANILA, Philippines - Banco de Oro Unibank seeks to serve more to beneficiaries of dollar inflows as it tapped A. Tambunting Pawnshop to be one of its remittance channels. Currently, BDO, one of the the Philippines' leading lenders, has over 3,000 remittance pick-up locations, including its bank branches, foreign exchange counters at the SM malls, M. Lhuilier outlets, and rural banks. The partnership with A. Tambunting adds close to 50 more pick-up channels to BDO's remittance network. The Bangko Sentral ng Pilipinas (BSP), which monitors the inflow of dollars to the Philippine monetary system,, said remittances from January to September has reached $12.27 billion, 17.1 percent higher than the amount sent by overseas Filipinos in the same period last year. The BSP said remittances continue to grow on the back of the growing number of Filipinos deployed abroad as well as on the rising number of legal channels for Filipinos to send cash to the Philippines. - GMANews.TV