Money Gram eyes double-digit growth in Phl operations

MANILA, Philippines - Leading global remittance firm MoneyGram is eyeing a double-digit growth in revenues from the Philippine market, mainly driven by a steady stream of inflows from Filipinos working overseas.

In a briefing, MoneyGram Philippine country manager Alex Lim said the company expects to post strong growth this year with the continued expansion of its coverage in the country.

Lim said MoneyGram grew its Philippine network last year to 9,500 locations nationwide, over 3,000 of which offer convenient services such as US dollar payout and provide over 20-hour servicing.

MoneyGram also pioneered direct remittance to bank accounts in partnership with 20 financial institutions.

“We are looking at expansion from all our agents.  In the coming months, we’ll be announcing more partners,” Lim said.

MoneyGram offers bill payment services through a network of 310,000 agent locations including retailers, international post offices and financial institutions, in 197 countries.

Grant Lines, MoneyGram senior vice-president for the Asia Pacific, South Asia and Middle East, said the Philippines is the group’s biggest market in terms of money transfers received amounting to $24 billion, next to China and India.

Data from the Philippine Overseas Employment Administration showed that Saudi Arabia remains the top overseas employment destination for Filipinos.

“My vision is to help MoneyGram continue its strong growth in Asia-Pacific and the Middle East...I see the significant potential for growth and we want to be the preferred global network for consumers to send and receive funds,” Lines said.

Lim said 60 percent of money transfers coursed through MoneyGram were done using credit to bank account while 30 percent were using the traditional cash to cash transfer over the counter and the balance of 10 percent is through online or mobile phone transfer.