RCBC remittance arm exceeds industry growth

MANILA, Philippines - The remittance arm of Yuchengco-led Rizal Commercial Banking Corp. surpassed the industry growth for 2008 amid challenging global economic conditions, bank senior vice president and group head Cynthia Santos said. The RCBC Telemoney Group recorded a 21 percent increase in its business in 2008, exceeding the country’s remittance industry’s growth of 13.7 percent for the same period. “This was accomplished by a relentless passion for continued excellence in client service and aggressive market expansion," Santos said in a statement. The Bangko Sentral ng Pilipinas reported earlier remittances coursed through banks slightly exceeded its $16.3-billion forecast for 2008 as it reached $16.4 billion, up by 13.7 percent from the previous year. BSP Governor Amando M. Tetangco, Jr. attributed the growth to sustained demand for Filipino manpower worldwide particularly professional and skilled workers aside from greater access by overseas Filipinos and their beneficiaries to increasing remittance transfer facilities. Expanding to areas densely populated by Filipinos working overseas, RCBC Telemoney opened two new remittance offices in the United States last year: the San Jose, California center started operations in February while the Niles, Illinois center was inaugurated in August. Five new remittance tie-ups were entered last year: one in Asia and another four in the Middle East. “RCBC Telemoney maintains a strong and healthy appetite to stay on top of its league," she added. Telemoney Europe SpA, RCBC’s remittance subsidiary in Europe, extended its service to southern Italy by opening a new branch in Naples in July 2008. With these new partners and branch subsidiary, RCBC Telemoney’s total remittance network increased to an aggregate of 1,164 subsidiaries, tie-up partners and agents in 25 countries all over the world Offering competitive rates, better client servicing and more aggressive marketing campaign pushed RCBC Telemoney's domestic business line division to grow by 66 percent. With an agreement with the Philippine Overseas Employment Agency (POEA) signed in July, RCBC Telemoney joins the in-house pre-departure orientation seminars of this agency. "Regular pre-departure orientation seminars slots were also nailed with two overseas manpower providers thereby providing the opportunity to improve our account opening campaign," the statement read. A strong player in the remittance business, RCBC has a wide presence overseas through remittance subsidiaries and tie-ups in North America, Europe and Hong Kong. - Ruby Anne M. Rubio, GMANews.TV