UCPB posted higher
inward foreign remittance volume in the first eight months
of 2008 on stronger inflows of non-trade remittances of foreign
companies to their local offices and business partners here
and higher personal remittances of Overseas Filipino Workers
(OFWs).
UCPB assistant vice president for remittance services Elzeber Murallos said the bank's volume of foreign remittance from January to August 2008 totaled US$1.18 billion, 32% higher than the US$896 million in the same period last year.
Non-trade remittances grew 31% during the period and accounted for the bulk of UCPB's foreign remittance receipts. On the other hand, OFW remittances increased by 44%.
UCPB is eyeing to expand its share of the OFW market, which continues to grow as more Filipinos seek jobs abroad. It is estimated that OFW remittances will hit US$16.6 billion this year and increase by another 10% next year to US$18.3 billion.
To expand its reach, the bank has forged alliances with foreign and local remittance companies. It has so far inked tie-ups with 13 remittance service providers namely Al Ansari, Al Ghurair, E-Money Plus, Filremit, Iremit, PERA, Moneygram, UAE Exchange, Zenj Exchange, Coinstar, Perihelion, Inc., Tanay Rural Bank and Uniteller.
UCPB-Muntinlupa Branch associates (from left): teller-trainee Aaron Samson, sales associate Weena Tarrosa, branch operations officer Vicky Dacanay, branch manager Armie Garcia, sales officer Flor Espedido, senior teller Rochelle Pecaoco and teller Glen Sagurit
