BPI offers two new remittance solutions to OFWs
Bank of the Philippine Islands (BPI) is offering two new types of remittance solutions designed to address the special needs of overseas Filipino workers (OFWs) and their families in the Philippines — the BPI Pamana Padala and BPI Padala Moneyger.
OFWs can now send their hard-earned money to their BPI Pamana Padala account, from which they can electronically transfer funds directly to the BPI accounts of their loved ones. Its unique feature is the Remittance Continuation Plan which provides the free 90-day Personal Accident Insurance of P100,000 and life insurance coverage of up to P300,000.
“Overseas workers all strive to give their loved ones back home a bright future. They are our modern day heroes who take risks to provide for their families. We also understand that despite their increased ability to financially provide for the family, OFWs have to live with the nagging question whether their families will be able to take care of themselves should anything unfortunate happen to them,” said Simon Paterno, BPI Executive Vice President and Segment Head of Financial Products and Alternative Channels.
“To address these concerns, we launched BPI Pamana Padala, which not only gives the convenience of transferring funds anytime and anywhere, but also comes with a back-up plan for the peace of mind of the OFW,” Mr. Paterno added.
Through BPI Pamana Padala’s Free Remittance Continuation benefit, OFW will get a free life insurance coverage of up P300,000. He will be entitled to this as soon as there are four remittances to the Pamana Padala account within a 12-month period.
On the other hand, BPI Padala Moneyger (a nod to the word “manager”) was specially designed to those who receive remittances from abroad.
“With BPI Padala Moneyger, the beneficiaries are now the ‘managers’ of the remittance sent. With this product, beneficiaries have a safe, secure, and efficient way of receiving the remittance. The accountholder can use BPI’s electronic banking services such as 24/7 online banking and ATMs to access the funds. BPI Padala Moneyger has no maintaining balance as long as there are four remittances made to the account in a year.
“Though a lot of OFWs are away from their loved ones, we hope that our services would help bring them closer,” Mr. Paterno said.
ABOUT BANK OF THE PHILIPPINE ISLANDS
The 166-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes. BPI has investment-grade ratings of BBB- (Fitch), Baa2 (Moodys), and BBB (Capital Intelligence).