Metrobank remittance collections hit $1.1 B

The Metropolitan Bank and Trust Co. (Metrobank) has generated $1.1 billion in inward remittances end May 2005. For the whole of 2004, the country’s leading commercial bank generated over $2.5 billion in the same business.

In 2003, the George Ty-led commercial bank realized remittances or fund transfers worth $3.5 billion. Metrobank reported a 36-percent increase in remittances from the Middle East, and a 52-percent expansion in the Europe market in the first five months of the year.

Carmelita Araneta, Metrobank senior vice president revealed that the bank took aggressive moves at the start of the year to address the expanding business. "The bank has adopted a more bullish stance on the remittance business, we set in place the reorganization of the international operations this year for better focus," Araneta said in a statement. It also placed high priority in strengthening the marketing and distribution capabilities of its international offices and subsidiaries.

"We have also been exploring further tie-ups with foreign remittance companies and evaluating international branch locations to enhance market coverage," she added.

The Philippine Overseas Employment Agency (POEA) earlier stated in its 2005 Overseas Labor Market Situationer that the United States will require an estimate of three million teachers until 2008. Demand for nurses is also projected to increase by 25 percent in Canada until 2010.

"We intend to maintain our lion’s share of the remittance market through more aggressive marketing, sales and service efforts," Araneta added. – TPT