BDO is 2009's top remittance bank

FOR the second straight year, Banco De Oro Unibank, Inc. (BDO) was named the Top Commercial Bank on Overseas Filipinos Remittances for 2009 by the Bangko Sentral ng Pilipinas (BSP).


BDO, which bagged the same award in 2008, attributed its solid performance on its strong market presence and steady expansion of remittance partners worldwide. Constant efforts to strengthen its international presence have resulted to established connections with thousands of combined remittance offices, partners and agent locations in Asia, Middle East, North America and Europe allowing to serve more Filipinos globally.

There is also the continuous expansion of cash pick-up channels all over the Philippines, which to date, number to more than 2,400. These include the over 700 BDO branches; 120 SM pick-up locations (YES Currency Exchange Counters in SM Department Stores, SM Business Services, Global Pinoy Centers, Savemore and Makro); 1,200 locations of financial services partners; and nearly 390 branches of rural bank partners.

"The Bank's objective is well-defined. We will continuously search for ways to make remittances more secure, convenient and accessible for our clients by improving our existing channels and pursuing new means to address the growing requirements of the OFWs," said its president Nestor V. Tan.

He added, "We would not have achieved this [honor] if not for the help of all our remittance partners. They are winners of this award as well."

At the end of 2009, total remittances from overseas Filipinos reached US$17.3 billion as remittances from sea-based and land-based workers rose by 12.1 percent and 4.2 percent, respectively. Major sources of remittances were the US, Canada, Saudi Arabia, UK, Japan, Singapore, United Arab Emirates, Italy and Germany.

For this year, the BSP forecast remittances to grow by 8 percent from an earlier estimate of 6 percent.

Shown in photo is Tan (center) holding the trophy presented by BSP Gov. Amando Tetangco Jr. (right) and Monetary Board Member Nelly Favis-Villafuerte (left) during the recently held awards ceremony and appreciation lunch for BSP stakeholders.