Sunday, 10 June 2007

Land Bank remittance business expanding

By Michelle RemoInquirerLast updated 11:51pm (Mla time) 06/10/2007
MANILA, Philippines -- LAND BANK OF THE PHILIPPINES, which is beefing up its money transfer business, said it had serviced the transfer of $163 million worth of foreign exchange remittances to the country as of end-April.

Gilda Pico, Landbank president, said the amount kept the bank on its way to surpassing its full-year goal of $480 million in remittances. She said the amount was expected to reach $500 million.

“In the next two quarters, we may have more remittances with the opening of another remittance center, this time in San Francisco (California, United States),” Pico said after the launching of an OFW cash card, a joint project of Landbank and Smart Communications.

The cash card allows recipients of remittances to withdraw their money from automatic teller machines.
Landbank has remittance centers in Taiwan, Singapore, Italy and Japan, Pico said. [Source]

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