BPI, Palawan Pawnshop partner for remittances

MANILA, Philippines — Ayala-led Bank of the Philippine Islands (BPI) has partnered with Palawan Pawnshop to further boost its remittance business, as overseas Filipino workers (OFWs) send more money to their loved ones in the country.

John-C Syquia, head of institutional banking at BPI, said the 171-year-old bank shares with Palawan Pawnshop the very important goal of financial inclusion.

This new arrangement, along with prior collaboration ventures, will make the lives of overseas Filipinos better by facilitating the delivery of funds from Palawan’s network via BPI’s network. This can be done even after banking hours, on holidays, and on weekends, Syquia said.

According to Syquia, the partnership demonstrates BPI’s commitment to provide more convenient solutions to address the financial needs of the communities and businesses it serve.

Palawan Pawnshop has become a new Remit-to-Account (RTA) partner to enable Filipinos to send money straight to a BPI account through Palawan Pawnshop’s over 3,000 branches nationwide with greater speed and convenience.

Lisa Lou Castro-Sabado, vice president for new products and services at Palawan Express Pera Padala, said they glad to collaborate with BPI for this program.

“By combining Palawan Pawnshop’s expansive reach and user-friendly platforms with BPI’s customer-centric approach, we will be able to realize our shared vision of making financial transactions more accessible, efficient, and secure for every Filipino, regardless of their location or circumstances,” Castro-Sabado said.

“We firmly believe that this partnership will empower more Filipinos to achieve their financial goals and strengthen their connections with their loved ones,” she said.

BPI Remittance’s products and services are designed to enable Filipinos to exercise greater control of their hard-earned funds and help them achieve their financial goals. BPI continues to provide more ways for Filipinos to send money anytime and anywhere.

The Bangko Sentral ng Pilipinas (BSP), however, has lowered the target for both personal and cash remittances to three percent from four percent due to the risk of recession in the US, the world’s largest economy, that could slow down remittances amid slower global trade, foreign direct investments, employment, and other business/economic activities.

The BSP missed its four percent growth target last year as remittances increased by only 3.6 percent.

Remittances inched up by just three percent in the first quarter of the year.

Latest data released by the central bank showed personal remittances grew by three percent to $8.9 billion from $8.65 billion in the same quarter last year, while cash remittances coursed through banks also inched up by three percent to $8 billion from $7.77 billion.