BPI Pamana Padala named best by The Asian Banker
The Asian Banker, one of the leading publishers of information for the financial services industry, has awarded the remittance service of Bank of the Philippine Islands (BPI) as the best in the country for 2018.
In The Asian Banker Philippine Country Awards 2018, the BPI Pamana Padala product was declared “The Remittance Product and Service of the Year” because of the innovative value provided to overseas Filipinos and their families.
“We continue to innovate our products to help our fellow Filipinos working abroad to provide a better future for their families back home,” said Noel Tagaza, BPI Head of Remittance and Fund Transfers Group.
“We know the concerns of our clients and we try hard to provide solutions to those concerns.”
The Asian Banker acknowledges that this benefit of BPI Pamana Padala is a first in the industry and shows the innovation in creating products for overseas Filipinos who regularly send money to their loved ones.
Tailor fitted to the needs of OFWs who knowingly take risks while working abroad, BPI Pamana Padala offers free remittance continuation benefit. There are two types of insurance that the accountholder will be entitled to.
First, by just simply opening an account, OF remitter will automatically be entitled to a free 90-day Personal Accident Insurance with P100,000 coverage. On top of that, accountholder will be eligible to a free life insurance coverage of up to P300,000 for Peso Accounts or US$6,000 for USD Accounts, effective on the 4th remittance within a 12-month period.
In case something unfortunate happens to the OF remitter, his family will continue to get remittance for 12 months, according to the usual terms and conditions. OFs can now continue their everyday work abroad with some security for their families back home.
“It’s as if the remitter continues to send his loved ones money for the next 12 months. This is a big help to the dependents of our overseas Filipino clients,” said Tagaza.
The Country Awards is part of The Asian Banker’s Excellence in Retail Financial Services program, which, according to the publication, “is probably the most rigorous, prestigious and transparent awards program for consumer financial services in the world.” Every year, it evaluates more than 300 banks and non-bank retail financial service players in more than 42 countries in the Asia Pacific, the Middle East, and West Africa, in order to “capture the evolving competitive landscape and recognize the outstanding players and initiatives”.