BPI's big cash cow: overseas Filipino workers

Continuous surge in inflow of money from Filipino workers abroad could produce $4.5 billion by yearend.

In a report in Business World, Teresita B. Tan, BPI senior vice-president and head of overseas banking and channels services group, said the bank achieved the same growth rate last year over 2007 level.

"The trend [in our remittance business] is positive. We are expecting double-digit growth [by the end of the year]," Ms. Tan told reporters at the sidelines of the launch of the BPI-Smart Full-Mobile Banking facility on 29 September.

Ms. Tan said the projection is based on estimated growth of about 15 percent in the nine-month period ending in September.

"Our growth as of the third quarter is about 15 percent [year-on-year]. It was very good, that’s why we are very positive," Ms. Tan said, without disclosing the amount in dollar terms.

"We usually see a surge in remittances in December. Other economies are also picking up, so we are optimistic we might match the 20 percent growth last year," she added.

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