Philpost, Pagcor tie up for money transfer
November 6, 2009 12:13 am
By Lynda B. Valencia
MANILA, Nov. 6 — The Philippine Postal Corp. (PhilPost) has signed a memorandum of agreement (MOA) with the Philippine Postal Savings Bank (PPSB) and Philippine Amusement and Gaming Corporation (Pagcor) to improve Philpost’s information technology (IT) infrastructure for its money transfer service.
Under the MOA, Pagcor will provide financial assistance to PhilPost through the PostalBank which will be used solely for the procurement of computers and other IT requirements to develop its money transfer/remittance service.
With the assistance provided by Pagcor, PhilPost will be able to do real time remittance to selected key cities and municipalities in Metro Manila, Davao, Cebu, Cagayan de Oro, Zamboanga, etc. at a lower fee than the prevailing market rates.
The remittance service will cater to both domestic transfer and international remittances for the benefit of Overseas Filipino Workers (OFWs).
Assistant Postmaster General Elizabeth Tungol, said that with the assistance provided by Pagcor, PhilPost can start developing the infrastructure with at least 100 post offices to start with, out of their 2,300 post offices nationwide.
“One advantage that we have is our being low-cost provider and the other is our vast network,” Postmaster General Hector Villanueva said.
Pagcor, on the other hand, believes that given the IT capability and its existing post office network, PhilPost can compete against any private firm engaged in the same business.
Pagcor also considers the importance of the project in becoming a major source of revenue for PhilPhost. (PNA)
LOR/LBV
Comments