A local bank has opened a new service seeking to help overseas Filipino workers (OFWs) manage their finances.
The service, dubbed BPInoy Corners and initiated by the Bank of the Philippine Islands (BPI), offers Filipino migrants and their families “professional guidance in remittance, loans, investments, and other financial needs.”
A news release from the BPI described BPInoy Corners as a “one-stop” spot inside the bank that will cater to the needs of OFWs and their families.
The service has had initial launches in Iloilo (Solis Branch), Cebu (Mango Branch), and Cavite (Imus Branch), with more set to be opened in cities with high populations of OFWs this year.
Natividad Alejo, head of BPI Capital Corporation, said the service aims to give “quality and efficient banking service to our modern day heroes and their families.”
“With the various programs BPI offers they make sure that every banking need of the OFWs from starting off to working abroad to retiring and returning home to their family is taken care of,” said Alejo.
The Bangko Sentral ng Pilipinas has reported that remittances from Filipino migrant workers increased by 6.2 percent to $12.7 billion in August compared to $11.9 billion in the same period last year.
Bank remittances also saw a 5.9-percent year-on-year growth in cash remittances coursed through banks, it said.
Total remittances, meanwhile, had reached $11.4 billion for the first half of the year, registering a 5.8 percent increased compared to last year’s $10.8 billion.