RCBC eyes bigger share of $ remittance market

Rizal Commercial Banking Corp. (RCBC) is planning to increase its share in the foreign exchange remittance market from six percent in 1999 to 10 percent this year.

At present, the Philippine National Bank (PNB) is the leading local bank in terms of share to total remittance market.

RCBC senior vice president and head of Telemoney divison Articer Quebal said they expect to increase the bank's remittance level to $625 million in 2000 from last year's $502 million.

Quebal, a former PNB Hong Kong remittance center head, said their optimistic projection on remittance collection is anchored on the bank's effort to strengthen its presence in other potential overseas market.

RCBC plans to open several remittance centers in the US, Canada, Middle East, Italy and in the Asia Pacific.

He said in the US, they will open or started operations in Daily City, Los Angeles, Chicago, Las Vegas, National City, Carlson City, Honolulu, New Jersey and New York.

In the Middle East, they will start operation in Bahrain, Dubai, Abu Dhabi, Qatar, and Oman.

According to Quebal, they are also launching various products and services in these new business sites abroad.

One kind of service, he said, is Pamilya mo Lingap Ko program a joint project by RCBC and Philippine National Red Cross that will provide free medical consultations and counseling to the members and families of OFWs all over the world.

"There are a lot of problems being encountered by the families of an OFW. This is where RCBC and PNRC will come in. The result of the counseling done to a family member will be sent to his relative working abroad. This way he can monitor what is happening to a relative here in the Philippines," he said.