PNB eyes bigger slice of remittance pie

 

The Philippine National Bank (PNB) intends to capture 25 percent of the remittance market over the next three years or so.

 

“In terms of long-term horizon, we like to increase [our market share] to 23 percent to 25 percent. It is long-term when you talk about in excess of three years,” PNB Global Banking Group head Benjamin Oliva told reporters in a briefing on Wednesday. 

 

The publicly listed bank now accounts for more than 20 percent of the remittance market that last year registered $24.35 billion of transfers from Filipinos who live and work living abroad.

 

"The strategic direction of PNB is to increase our market share. That is why we are not looking at the remittance as a purely remittance business – we continue to differentiate by providing added-value services,” Oliva noted.

 

PNB products tailored for overseas Filipinos include home loans and emergency medical insurance, partly to strengthen the bank’s remittance business. PNB is owned by business tycoon Lucio Tan.

 

The bank is giving away free Healthy Ka Pinoy Emergency Medical Card for customers who have received three remittances of P12,000 each through PNB overseas branches, remittance centers, partner agents and tie-up banks from September 10 to February 29, 2016. 

 

Growth is holding

Cardholders may seek free emergency treatments worth P15,000 from the 890 hospitals and clinics accredited by EastWest Healthcare, PNB Global Marketing Division Head Jenelyn Lacerna told reporters in the same briefing . 

 

Recipients of remittances from relatives working or living in the US, Canada, Australia, Paris, Guam, Japan, Hong Kong, Singapore and Middle East countries are qualified to get the free medical card. 

 

The bank has issued 100,000 cards since the medical insurance product was launched in September 2013. It was and first offered to OFWs in Hong Kong and Japan in 2014, said PNB Chief Marketing Officer Norman Martin Reyes. 

 

"It is beneficial because it actually provides remitters peace of mind… Let us say the emergency happens at night, they do not have to send money because they already have the HPK card..." Lacerna said.

 

"The remittance growth is holding. The overseas remittance volume is still growing by an average of 5 percent so we’re targeting the same single-digit growth... ” Oliva said.

 

An additional 1 percent to 2 percent increase in remittances is usually booked during the four months to the Christmas season in the Philippines, he added. – VS, GMA News