Equitable Bank remittance up

Equitable PCI Bank’s Express Padala posted a 23-percent growth in overseas Filipino workers (OFW) remittance volume or estimated worth at more than $1 billion for 2003.

"The remittance business posted the healthy increase as it successfully carried out the strategy of rapidly growing market reach overseas and strengthening the domestic distribution network," according to Equitable PCI Bank president and chief executive officer Rene J. Buenaventura.

The network includes overseas offices, tie-up partners, agents, and correspondent banks in Asia, Europe, Middle East, and North America.

Last year, Express Padala established new remittance arrangements in Australia, Brunei, and Hong Kong, and entered into five additional tie-ups in the Middle East. Locally, Express Padala has forged remittance arrangements with various shipping companies.

The biggest expansion was in North America said to have the largest number of Filipinos are located. The US subsidiary, Express Padala USA, also signed 24 new remittance agents in the United States. Express Padala’s latest product innovation for sending remittances, in partnership with Equitable CardNetwork, is the Equitable PCI Bank FASTcard. It works as a remittance card wherein OFWs can send money online, without requiring their beneficiaries to open an account.

The OFW applies for a FASTcard for his Philippine beneficiary at designated outlets abroad. Upon production of the card, it is immediately forwarded to the beneficiary’s address whereupon a one-time pinning of the card at any Equitable PCI Bank branch will be required before activation.

Upon request of the remitter through desk offices or tie-ups abroad for funding of the FASTcard, the remittance is automatically credited online. The beneficiary can then withdraw funds through any ATM machine.

The FASTcard is also an international pre-paid VISA Electron card that allows shopping or dining in over 20,000 VISA affiliated establishments nationwide, and over 12 million worldwide, with electronic POS payment centers. The card has access to over 750,000 ATMs globally via the Cash Advance Option. One of the widest remittance networks serving overseas-based Filipinos, Express Padala is available through 25 remittance subsidiaries, almost 200 tie-ups and agents, and 300 correspondent banks worldwide. With more than two decades of providing high quality service, the Bank’s remittance arm continues to maintain its dominant position in the industry.