BPI got $2.8B in OFW remittances in ’06

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BPI got $2.8B in OFW remittances in ’06

Inquirer

Posted date: February 10, 2007


MANILA, Philippines -- Cash remitted by overseas Filipino workers (OFWs) through Bank of the Philippine Islands totaled $2.8 billion last year, up 30 percent from 2005, BPI officials said Friday.

BPI is targeting a further 15-percent growth in money remittances this year, bank vice president Raul Dimayuga, who also heads the OFW-focused banking unit BPI Direct, said in an interview at the launch of the bank’s search for “10 Outstanding Expat Pinoy Children.”

BPI, which was the country’s single biggest banking channel for OFW remittances in 2005, cornered close to 25 percent of the estimated total OFW money remittances through the banking system last year.

Total OFW money remittances last year amounted to $13-$14 billion, of which $12-$13 billion was coursed through banks, according to central bank estimates.

About 30-33 percent of BPI’s share of cash inflows from OFWs last year came from sea-based workers.

By source, 20-25 percent came from the United States, five to 10 percent from the Middle East, and the remainder from Europe and Asia.

BPI senior vice president Teresita Tan said the bank was lining up programs to encourage more overseas Filipinos to invest in the country, whether in savings accounts, mutual funds or real estate.

Tan said BPI had a Web-based facility for overseas Filipinos to send money for tuition of their children.

In partnership with Ayala Land Inc.’s subsidiary Avida, the bank also has a program for OFWs who wish to buy property but do not have enough funds to make a down payment, she added.

Tan said BPI’s housing loan portfolio for OFWs now amounted to P1 billion.

She said the bank would continue to provide new loans for OFWs for housing and for starting a business.

The search for “Outstanding Expat Pinoy Children” offers cash prizes of P50,000 for each of the 10 winners.

The tilt is open to children of OFWs aged 15 to 21. They must have parents or relatives who are BPI depositors, must belong to the top 10 percent of their classes and have no failing marks, must be enrolled in or have graduated from a four-year college course.

The criteria for judging include academic excellence (70 percent); non-academic, including sports (five percent), artistic talent (five percent), performing arts (five percent), community/civil works (five percent) and essay-writing (10 percent). Doris Dumlao, with INQUIRER.net

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