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PIA Press Release

Landbank nets $772 OFW remittance in 2008

by Jemin B. Guillermo

Manila (23 February) -- The remittance of the overseas Filipino workers (OFWs) in the Land Bank of the Philippines reached $772 million in 2008.

According to Landbank President and Chief Executive Officer Gilda Pico, said bank generated a total of $772 million worth of remittances from OFWs following sustained marketing efforts undertaken by the Bank in 2008.

The amount represents a hefty 31percent increase in inward remittances against the $589 million it posted during the previous year, Pico disclosed in the LANDBANK press release.

She attributed the increase primarily to the establishment of more linkages with banking partners and remittance companies abroad. Remittances coming from the Asia Pacific Region and the Middle East accounted for 45 percent of the Bank's total remittances last year.

"The growth in remittances shows that our efforts to provide overseas Filipinos with faster and more convenient way of sending money to their beneficiaries in the Philippines are gaining a headway," she said.

She added that the aggressive tapping of foreign and domestic remittance agencies with strong client base also helped in our campaign.

Pico said that Landbank's tie-up with manning and shipping agencies in the previous years also contributed to the expansion in domestic remittances which comprise 40 percent of the total funds transferred by OFWs.

She pointed out that the remaining share came from the Bank's remittance offices and subsidiaries based in Europe and the USA.

She revealed that said bank remains among the commercial banks with the widest network of branches in the country.

Pico said that Landbank's strength in inward remittances is its extensive reach and presence in the country's provinces.

"This is also our service to Overseas Filipinos whose families are mostly in the rural areas," she said.

Pico stressed that the OFW remittances help perk up the local economy which is consistent with the bank's thrust of promoting growth and development in the countryside. (PIA) [top]

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