PNB keeps top spot in remittance business

The Philippine National Bank (PNB) expects to maintain its leadership position as the country’s top bank in remittance business next year.

PNB president Feliciano Miranda said that as of now, PNB accounts for a 45-percent share of remittances coursed through local banking system.

He said PNB’s remitance business from January to October 2000 increased by $295 million, up by 12 percent from the same period in 1999. As of October, the bank handled a total of $2.78-billion worth of inward foreign exchange remittances.

The PNB president attributed the improvement in its remittance business to the outstanding performance of its key overseas branches and offices in the US West Coast, Europe, and the Asia Pacific region.

According to Miranda, PNB’s 800 correspondent banks worldwide increased volume in remittance transactions totaling almost $1.5 billion during the same period under review.

PNB opened another FX remittance office in Canada to intensify its remittance business in that country. This new office is expected to enhance its presence in North America.

Aside from this, PNB is also set to open new remittance centers in Vancouver, Canada and San Francisco and West Virginia in the US.

The bank is also studying the feasibility of setting up a remittance company in Sydney, Australia.

At present, PNB has an extensive network of 324 local branches and 80 overseas branches and offices, including remittance centers.

PNB’s remittance facilities include Rapid Remit, the electronic transmittal of funds from online PNB overseas branches, which allows the instantaneous crediting of the remittance proceeds to the beneficiaries’ online account in the Philippines. – Donnabelle Gatdula