The Asian Banker recognizes BPI for innovative remittance service
Bank of the Philippine Islands (BPI) accepts The Remittance Product and Service of the Year award from The Asian Banker. From left: Foo Boon Ping, Managing Editor, The Asian Banker; Bess Aguinaldo, Product Marketing Manager, BPI; Manuel "Noel" Tagaza, SVP and Head of Remittance and Fund Transfers Group, BPI; Melinda “Mutley” V. Dulay, VP and Head of Inward Remittance, BPI; David Gyori, International Resource Director, The Asian Banker; Richard Hartung, International Resource Director, The Asian Banker.
The Asian Banker, one of the leading publishers of information for the financial services industry, has awarded the remittance service of Bank of the Philippine Islands (BPI) as the best in the country for 2018.
In The Asian Banker Philippine Country Awards 2018, the BPI Pamana Padala product was declared “The Remittance Product and Service of the Year” because of the innovative value provided to overseas Filipinos and their families.
“We continue to innovate our products to help our fellow Filipinos working abroad to provide a better future for their families back home,” said Noel Tagaza, BPI Head of Remittance and Fund Transfers Group. “We know the concerns of our clients and we try hard to provide solutions to those concerns.”
The Asian Banker acknowledges that this benefit of BPI Pamana Padala is a first in the industry and shows the innovation in creating products for overseas Filipinos who regularly send money to their loved ones.
Tailor fitted to the needs of OFWs who knowingly take risks while working abroad, BPI Pamana Padala offers free remittance continuation benefit. There are two types of insurance that the accountholder will be entitled to. First, by just simply opening an account, OF remitter will automatically be entitled to a free 90-day Personal Accident Insurance with P100,000 coverage. On top of that, accountholder will be eligible to a free life insurance coverage of up to P300,000 for Peso Accounts or US$6,000 for USD Accounts, effective on the 4th remittance within a 12-month period.
In case something unfortunate happens to the OF remitter, his family will continue to get remittance for 12 months, according to the usual terms and conditions. OFs can now continue their everyday work abroad with some security for their families back home.
“It’s as if the remitter continues to send his loved ones money for the next 12 months. This is a big help to the dependents of our overseas Filipino clients,” said Tagaza.
The Country Awards is part of The Asian Banker’s Excellence in Retail Financial Services programme, which, according to the publication, “is probably the most rigorous, prestigious and transparent awards programme for consumer financial services in the world.” Every year, it evaluates more than 300 banks and non-bank retail financial service players in more than 42 countries in the Asia Pacific, the Middle East, and West Africa, in order to “capture the evolving competitive landscape and recognize the outstanding players and initiatives”.
ABOUT BANK OF THE PHILIPPINE ISLANDS
The 167-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are a universal bank with an expanded banking license. We provide diverse financial services that include deposits, cash management, asset management, securities brokerage, foreign exchange and capital markets investments, bancassurance, corporate lending, leasing, and investment banking. BPI has significant financial strength, with strong Tier 1 capital adequacy ratios and profitability, underpinned by a strong risk management regime. BPI is rated investment-grade by international credit ratings agencies.