BPI sees remittances reaching P5.5B this year

Bank of the Philippine Islands on Monday said remittances by overseas Filipinos through its network would reach P5.5 billion this year, driven by an aggressive approach to marketing and expansion in Europe, Middle East and United States.   “We are sending a lot of marketing officers to ME while we continue to improve efforts in our traditional growth areas in Europe and the United States," Raul Dimayuga, BPI senior vice president for Overseas Banking Group told reporters at the sidelines of the bank’s 2012 BPInoy 10 Outstanding Expat Pinoy Chidren awarding ceremonies.   The bank expects earlier efforts to tap the Middle East market to yield the desired results this year, said Dimayuga.   Through BPI Europe Plc, the bank opened new branches in Rome and Milan, expanding the European operations from two branches in London..   "Despite the level of growth decelerated, remittance continues to grow but on a slower pace," the BPI official said, referring to the European market.   From processing remittances for OFWs, the bank’s overseas operations are now offering savings, loans and investment opportunities to its clients. — VS, GMA News