Metrobank launches remittance centers

The Mertropolitan Bank and Trust Co. (Metrobank) can now open remittance centers in California and Macau after it was granted permission by the Bangko Sentral ng Pilipinas (BSP).

Metrobank executive vice president Carmelita R. Araneta said that the establishment of the two new remittance subsidiaries is in line with the bank’s thrust to increase its global presence and extend its remittance services to more OFW communities abroad.

The Macau center is critical what with the growing number of overseas Filipino workers (OFWs). "Macau is an expanding economy that is attracting a large overseas worker population," said Araneta.

The Macau center is the latest addition to Metrobank’s network of 11 remittance offices in the Asian region, an area where the bank enjoys a significant share of remittance business over other Philippine banks.

On the other hand, the Metro Remittance Center Inc. (MRCI) — California will serve OFWs and migrant Filipinos (MFs) based in Los Angeles and in San Francisco.

"California has always been a strong market which we are going to pay more attention to," Araneta said. "Having a remittance company license will now allow us to expand our coverage in the US more aggressively."

Based on a recent study done by the Philippine Overseas Employment Agency (POEA), Filipino-Americans are the highest remitters of US dollars in the Philippines owing to higher average income per household. Obtaining the license to operate in key cities worldwide is part of the bank’s strategy to open more remittance businesses.

"We plan to expand coverage to grow our remittance volume and take advantage of cross selling opportunities for remitters and beneficiaries," Araneta discloses.

Metrobank maintains an international network of nine foreign branches, 23 remittance offices, 37 remittance tie-ups, and more than a thousand correspondent banks. It is present in the US, Canada, the Middle East, Taiwan, Shanghai, Japan, Korea, Hong Kong, Singapore, Italy, UK, Spain, and Austria.

Metrobank’s name and franchise are a principal competitive advantage because of its strong reputation as the Philippine financial services leader. "What sets us apart is our already well-known efficient automated process of online real-time credit to the account which is very important to the OFW and beneficiaries alike, our worldwide network and efficient customer service," adds Araneta.

Last year, the Ty-led expanded commercial bank cornered a 22-percent share of the lucrative remittance business owing in part to its highly successful Super Bilis Padala service.

To enhance the service, the bank did a successful launch of the World Cash Card, a free automated teller machine (ATM) card that allows remittance beneficiaries access to remittance funds at over 700 Metrobank ATMs and over 4,000 BancNet and MegaLink terminals in the country. The card is also affiliated with Cirrus Maestro so overseas Filipinos can use it to withdraw cash in any part of the world.— Ted Torres