MoneyGram sees sustained growth in remittance biz

MANILA, Philippines - US-based money transfer company MoneyGram expects a sustained increase in its remittance business this year.

Country manager for the Philippines Alex Lim said the firm sees a more than 20-percent growth in its remittance business this year from last year’s level.

However, Lim said this was slower than the 40-percent growth rate recorded last year.

“Remittances are increasing... especially this December, although we don’t know if it’s because of Typhoon Yolanda or because of Christmas,” Lim said.

The climb in remittance volume was due to the company’s competitive pricing and increased marketing efforts, Lim said.

Moreover, this was also on the back of the firm’s continued expansion in the Philippines, he added.

“Convenience and reliability are important for our customers,” Lim said.

“Our goal is to provide them with locations to receive and send their remittances at every corner of their neighborhood. That’s why MoneyGram has an extensive network across the Philippines with a variety of established and reliable outlets that include banks, financial service outlets and department stores,” he added.

MoneyGram has partnered with major banks such as BDO Unibank Inc., Metropolitan Bank and Trust Co., Rizal Commercial and Banking Corp., and Bank of Commerce, among others.

Lim added the remittance company has also partnered with major pawnshops in the country such as Cebuana Lhuillier.

Further expansion next year will be due to the partner banks’ own increase in branches, Lim said.