BPI awarded as leader in dollar remittance business

MANILA, Philippines - For the third straight year, the Philippines’ third-largest lender in terms of assets was proclaimed as the industry leader in the dollar remittance business. The Bangko Sentral ng Pilipinas (BSP) awarded the Bank of the Philippine Islands (BPI) as the Philippines’ biggest remittance bank of overseas Filipino workers in terms of volume. The Ayala-controlled lender has taken the market lead with 22 percent, followed by the Philippine National Bank which secured an 18.25 percent share, and Banco de Oro with 15.21 percent. Earlier, BSP Governor Amando M. Tetangco said that money sent home by Filipinos working overseas will reach $16.4 billion this year—10 percent more than last year’s amount—despite a slowing global economy. Total remittances sent through banks are expected to hit $15.9 billion, also a ten percent increase compared to last year. Last year, Filipinos working abroad sent home a total of $14.45 billion, the BSP said. Increased remittances is expected to fuel more foreign exchange inflows, boosting the value of the peso. In April, remittances reached $1.4 billion, up 14.5 percent year-on-year in the first four months to a total of $5.4 billion. The BSP previously reported that funds sent home by Filipinos abroad have peaked at the $1.4 billion level in both March and April, reflecting the increase in inflows from overseas Filipinos ahead of the enrolment season. - GMANews.TV