Landbank inks remittance pact with Japan Post Bank

January 29, 2011 2:16 am 

MANILA, Jan 27 – Land Bank of the Philippines (Landbank) has made it more easier for Overseas Filipinos (OFs) and their beneficiaries to send and receive money through the use of the post office.

In a statement, Landbank said it has recently inked an agreement with the Japan Post Bank (JPB) that entails the utilization of 233 Japan Post Bank branches and 7,500 other post offices with international services to send remittance to the Philippines.

The signing agreement took place between Landbank and JPB executives at the Philippine Embassy in Tokyo.

Under the agreement, remittance of Japan-based overseas Filipinos (OFs) as well as other fund transfer to other local banks sent through JPB will be distributed by Landbank.

“Funds credited to Landbank accounts may be withdrawn in any of the Bank’s 326 branches, 913 ATMs and all other ATMs across the country,” the statement said.

Landbank said President Benigno S. Aquino III announced this new service to Japan-based OFs when he attended the Yokohama APEC Summit in November 2010 “as the remittance partnership supports the Philippine government’s efforts to provide safe, affordable and accessible fund transfer systems for overseas Filipinos.”

Relatively, Landbank vice president Roberto Vergara told reporters that the pact with JPB is the second agreement using post offices to send remittance after the one with Korea Post late last year.

He said they continue to talk with executives of other Eurogiro network, a global payment community that connects post offices, banks and other payment handlers worldwide, to enable OFs from other countries like those in the Middle East to also avail the same service.

Meanwhile, Vergara projects 2010 remittances to grow around 8.1 percent while this year’s expansion would be around the same figure.

As of last November, money sent home by Filipinos abroad reached nearly US$ 17.1 billion, an 8.2 percent growth year-on-year.

Central bank’s remittances growth projection for last year is eight percent from end-2009’s US$ 17.3 billion. (PNA)

LAM/JS

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