BPI strengthens tieups with remittance centers

Ayala-led Bank of the Philippine Islands (BPI) continues to boost partnerships with remittance centers to temper the anticipated decline in remittances from overseas Filipino workers (OFWs) due to displacements caused by the pandemic.

BPI head of corporate banking strategy, products and support Reggie Cariaso said the bank has strengthened partnerships with select remittance centers as OFWs look for convenient and safe financial services amid the pandemic.

“We appreciated how our partners have waived the fees and encouraged the use of online or mobile banking to make it easy for our clients to send money to the Philippines,” Cariaso said.

Some of BPI’s remittance partners including I- Remit, WorldRemit, Western Union, Kookmin Bank, Tahweel Al Rajhi, NCB Quick Pay, Enjaz and Bank Albilad, Moneygram and Remitly offered discounts and preferential rates for foreign currency exchange whenever possible.

“We are committed to make sure that our remittance services are not interrupted, and the beneficiaries of overseas Filipino workers will receive their remittances on time and can easily access the funds they need from our open branches and ATMs, which remain operational,” Cariaso said.

OFWs encountered problems in sending money to their families in the Philippines when the entire Luzon was placed under lockdown in mid-March.

“During the earlier period of the enhanced community quarantine, there were also lockdowns in several countries. Remittance was affected since our tie-ups with brick and mortar branches were closed. Hence, sending money to the Philippines became a challenge for our overseas Filipino clients,” he said.

BPI continues to encourage OFWs to make use of banks’ digital tools for remittance services during the pandemic.

“We’ve noticed that a lot of senders are adopting digital methods of sending money back home. We are currently highlighting our abilities to efficiently transfer money to bank accounts. Having direct partnership with remittance institutions enables us to encourage more customers to send and receive digitally,” Cariaso said.