Wednesday, 9 September 2009

PHILIPPINES: DBP to serve remittance needs of Macau-based OFWs

Quezon City (9 September) -- State-owned Development Bank of the Philippines (DBP) and the Industrial and Commercial Banking Corporation of China Ltd (ICBC) recently signed a memorandum of agreement (MOA) for a remittance partnership that will enable DBP to reach out to overseas Filipino workers based in China.

Through its partnership with ICBC, DBP will now be able to handle and serve the remittances of Filipino migrant workers particularly in Macau, a special administrative region of the People's Republic of China.

DBP chairman Patricia A. Sto. Tomas expressed gratitude to ICBC officials led by its chairman Zhu Xiaoping and vice chairman and CEO Shen Xiaoqi for partnering with DBP. She also expressed hopes that the relationship between the two banks will be strengthened not only to cover remittances but also other banking services.

ICBC is the world's biggest bank with more than 300,000 personnel. It also has overseas branches and subsidiaries in Hong Kong, Japan, Korea, Australia, Germany, United Arab Emirates, United States and United Kingdom. (DBP) Source

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