LBP eases money remittance for Pinoys in SanFo

The state-owned Land Bank of the Philippines has opened a new branch in San Francisco, California to accommodate the growing volume of remittances from Filipinos in the area. LBP’s newest branch complements the services offered at its main remittances office in Panorama City, according to bank president and chief executive officer Gilda Pico. “With these two remittance offices, we hope to address the needs of overseas Filipinos based in California for a more accessible and faster means of sending their hard-earned money to their loved ones back home," said Pico. Aside from being a remittance center, the LBP branches will also offer direct credit to Landbank’s peso or dollar account; pick-up at any Land Bank branch; credit to other bank peso or dollar account; and, door-to-door remittance delivery in Metro Manila and other provinces. The Bangko Sentral ng Pilipinas projects overseas remittances to reach $14.7 billion by the end of the year. It stood at $9.3 billion as of August. Last year, total remittances hit $12.8 billion, excluding those sent home outside the banking channels. Bulk of the remittances came from the United States, mainly sent by healthcare workers like doctors, nurses, physical therapists and other professionals. Before expanding its services in the United States, Land Bank partnered with Al Rahji Bank in Saudi Arabia and signed various remittance agreements with Mabini Express, Inc. in Canada, the Elite Express Corporation of Taiwan, as well as Far East Express Remittance, Inc., in Hongkong and London. “We are partnering with different remittance companies which have good and established clientele base. On our part, we offer our extensive reach and Land Bank’s presence in all the country’s 81 provinces," Pico said. Land Bank also maintains marketing offices in Singapore, Japan, Taiwan, Abu Dhabi, Kuwait and remittance offices in Rome and Milan in Italy. Pico noted that the expansion of the bank’s overseas remittance offices is part of the company’s aggressive efforts to increase its share in the remittance business. Land Bank has grown to become one of the country’s commercial banks with the widest network of 323 branches and 734 ATMs nationwide. It is the only commercial bank present in areas like Batanes, Siquijor, and Luna, Apayao. Recently, the Bank also introduced the Lank Bankl Cash Card for OFWs in partnership with Smart Communications, Inc. (SMART). It aims to provide OFWs with faster and more convenient way of transferring funds to their beneficiaries using their cellular phones. OFWs may also remit thru the Inward Remittance System of Land Bank, an Internet-based remittance facility which allow them to send money through the bank’s website under www.lbpeasypadala.com. - Marie Neri, GMANews.TV