M Lhuillier rampsup initiatives for remittances growth

MANILA, Philippines — M Lhuillier Financial Service Inc. continues to ramp up initiatives to provide monetary transfer services with the expected steady rise in remittances from Filipinos working and living abroad.

Michael Lhuillier, president and CEO at M Lhuillier, said the non-bank financial institution wants to make sure overseas Filipino workers (OFWs) could easily connect with their families through secure and fast remittance services.

“We understand how important it is for our kababayans to be able to stay connected with their families even if they’re miles away,” Lhuillier said.

M Lhuillier has been providing its money transfer services since it was founded in the 1980s. Currently, it has more than 3,000 branches nationwide, including in far-flung areas such as Tawi-Tawi, Palawan, Mindoro and Zamboanga del Sur, making it the ideal partner for OFWs looking to send money to their loved ones even in remote areas.

“We’re excited about how much our customers rely on us when it comes time to send or receive funds over long distances. We know how important these transactions can be, so we ensure that all our branches are well-equipped to handle any volume of transactions efficiently and safely,” Lhuillier said.

The company continues to make it more convenient for Filipinos living abroad to safely send and receive money back home.

From overseas workers needing quick access to cash to their families receiving financial support during these trying times, M Lhuillier has taken extra steps to ensure that all customer transactions are safe and secure.

The initiatives are part of M Lhuillier’s long-term mission to make global payments accessible for everyone by providing reliable financial solutions that make it easy for our customers to manage their funds without worries.

The Bangko Sentral ng Pilipinas (BSP) earlier lowered the projected growth of OFW remittances to three percent from four percent for 2023 and 2024.

BSP officer-in-charge for monetary policy sub-sector Dennis Lapid said the lower target mainly reflects the moderation in global gross domestic product (GDP) growth as overall activity in host economies tends to moderate.

The BSP missed its four percent growth target for OFW remittances last year after rebounding with a 5.1 percent increase, reversing the 0.8 percent contraction in 2020 due to COVID-19 lockdowns around the world.

Personal remittances grew by 3.6 percent to an all-time high of $36.14 billion last year from $34.88 billion in 2021, of which cash remittances coursed through banks went up by 3.6 percent to $32.54 billion from $31.42 billion.

In January this year, both personal and cash remittances increased by 3.5 percent to $3.07 billion and $2.76 billion, respectively.