RETAIL BANKING | Tony Chua, Philippines

Banco do Oro keen on remittances of overseas Filipinos

The lender believes the global disasters and crises has little effect on overall remittances figure of Filipinos working abroad.

The Banco de Oro Unibank Inc. (BDO) has remained unperturbed by the March 11 disaster in Japan, and political unrest in the Middle East and North Africa (MENA) in relation to the inflow of remittances to the Philippines through the bank.

BDO’s business of remittances from overseas Filipinos in Japan is relatively small.

Then the political unrest in MENA is mostly in areas where there are a few overseas Filipinos, except for Libya.

BDO senior vice president and head of BDO Remittance Origination Jonathan C. Diokno said that the bulk of the overseas Filipinos are located in Saudi Arabia and the United Arab Emirates (UAE).

“In fact, those are the areas that play host to majority of the overseas Filipinos that remit to their beneficiaries in the Philippines,” Diokno said.

For BDO, its remittance business had always been strongest in these areas, followed by the European Union, North America and Canada, and the Asia Pacific region.

View the full story in The Philippine Star.

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