Remittances sent through BPI to grow by a 'high single digit'

The Bank of the Philippine Islands (BPI), the country’s third-largest lender, remains optimistic that the amount of remittances it will capture this year will continue growing by a “high single digit." The Ayala-led bank is “still aiming for at least a ten percent growth," Raul Dimayuga, BPI senior vice president, told reporters on the sidelines of the 4th BPINoy Awards held at the Makati Shangri-la Hotel. The lender is also keen on becoming a major presence in the Middle East as a growth area for both Filipino employment and for BPI, he added. The company's plan to foray into the Middle East is a recognition that while BPI is very strong in both the US and Europe, it has yet to fully explore the Arab world's market. Dimayuga said BPI's confidence is based on the fact that Filipinos remain the most preferred workers among foreign employers. “Filipino seafarers were retained by their employers even though their ship just stayed at the docks," he said. Although employers reduced their workforce, they let go of other nationalities first before the Filipinos, he added. However, the worldwide recession has forced Filipinos to send cash back home less frequently but at a bigger amount so as to reduce remittance costs, Dimayuga said. The Bangko Sentral ng Pilipinas is projecting that remittances this year will have a flat growth owing to the global slump. Last year remittances through banks reached $16.43 billion, higher by nearly 14 percent from the previous year's amount. - GMANews.TV