MANILA, Philippines - Metropolitan Bank & Trust Co. (Metrobank) said it expects its remittance business to grow by over 20 percent to more than $3 billion this year.
“As of the third quarter of 2011, our remittances is about 17 percent of the total market share,” Richard S. So, Metrobank senior vice president and head of the International Officers and Subsidiaries Group, said.
So said that the bank’s remittance business at yearend should outpace industry, expecting it to grow three times higher than the estimated industry figure of 7.07 percent.
“We will always aim to grow beyond industry. Conservatively, we are looking to grow 15 percent next year,” he added.
Metrobank reported that the strongest growth was reported from its businesses coming from the Middle East, Asia and Canada. Its European business grew double-digits at the end of September, but remittance growth from the United States “was flat.”
The Bangko Sentral ng Pilipinas (BSP) estimated that remittances from overseas Filipinos coursed through the country’s banking system would grow by a little over seven percent this year to $20 billion.
Remittances went up 8.2 percent to $18.76 billion last year from $17.35 billion in 2009.
Metrobank had a market share of between 13 to 15 percent of total remittances last year, ranking it fourth largest behind Banco de Oro Unibank Inc. (BDO), Bank of the Philippines Islands (BPI) and Philippine National Bank (PNB).
At the end of October this year, total remittances coursed through the country’s banking system amounted to $16.5 billion, or roughly seven percent higher than the $15.4 billion level last year.
The US market reported remittances growing nearly six percent while the Asian market expanded by slightly over 10 percent.
BSP data likewise reflects a 7.16-growth rate in the European market while the Middle East market grew by a little over six percent at the end of 10 months.
Less than a fifth of total remittances are contributions from sea-based overseas Filipinos while the bulk are land-based.