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ONB, DBP form remittance alliance

The Philippine STAR 08/08/2006

One Network Bank (ONB) has teamed up with the Development Bank of the Philippines (DBP) recently to expand the overseas remittance payout services available in its 63 branches through DBP’s Electronic Cash Remittance (EC REMIT) Program.

ONB is the first rural bank to tie-up with DBP’s foreign remittance arm.

“We have a long (standing) business relationship (with ONB) through our wholesale operations,” Joselito V. Peñaflor, assistant vice president for Domestic Marketing of DBP’s Remittance Center, said. “They (ONB) also have the biggest branch network in Mindanao.”

Mindanao is home to over 150,000 overseas Filipino workers (OFWs) and is an attractive market for overseas money transfer services.

ONB’s extensive branch network in Mindanao becomes an easy outlet for the payout of remittances to OFW beneficiaries in over 63 locations in major commercial centers and even in remote municipalities such as Glan and Malungon in Sarangani Province; Libungan and Tulunan in North Cotabato; Lebak and Kalamansig in Sultan Kudarat; Padada, and Santa Maria in Davao del Sur; Maragusan in Compostela Valley; Santo Tomas and Kapalong in Davao del Norte; and Manay, San Isidro and Governor Generoso in Davao Oriental where ONB is the only bank to operate.

DBP is a new player in the foreign remittance industry, with operations commencing only in June this year but has served tie-ups with reputable remittance companies abroad and is currently establishing remittance offices in the Asia Pacific Region, Middle East, Europe and North America.

Its overseas remittance service called DPB EC Remit offers exchange rates and service fees competitive to that of other commercial banks offering the same services. – TPT