UCPB, Globe subsidiary ink OFW remittance pact

The United Coconut Planters Bank (UCPB) hopes to triple its share in the remittances of overseas Filipino workers (OFW) to US$400 million in the next two years by partnering with Globe Telecom subsidiary, G-Xchange, Inc. (GXI), to provide an innovative and more convenient remittance service to Filipinos abroad. Under the agreement signed on Monday, the beneficiaries of the bank's OFW clients can now claim their remittance in almost 1,500 G-Cash outlets all over the country, in addition to the UCPB branch network. The tie-up will dramatically expand the bank's market prospects to OFWs whose beneficiaries reside outside the service areas of the 212 branches of UCPB and its UCPB Savings Bank subsidiary, said UCPB Executive Vice President Higinio Macadaeg, who signed the tie-up agreement with GXI president Rizza Maniego-Eala. UCPB set up a dedicated OFW banking unit in April to expand its OFW-related business, which covers not only remittance but also loans, investments and other banking services that the OFWs and their families would need. UCPB vice president for Remittance Marketing Victor Ruben Tuason said the partnership with GXI reflects the bank's novel strategy of forging alliances with other businesses to deliver a wider range of products and services to OFWs. He cited as an example the P500-million special home financing tie up that UCPB inked earlier this year with property developer DM Consunji, Inc. to make buying homes more affordable to OFW families. The special financing will provide a higher loan amount equivalent to 80% of the appraised value of the property compared to the standard 70%. The bank plans to enter into similar partnership agreements not only with other property developers but also with car dealers, home appliance distributors and even schools. - GMANews.TV