Send Money to the Philippines

4B USD Foreign Remittances from Filipino Seafarers in 2011

2012-06-19T22:35:00.000+08:00

In 2011, 22% of the total foreign remittances came from sea-based migrant Filipino workers amounting to 4 billion US dollars.
Filipinos account for over 25% of all active seafarers in the world. The United Nations acknowledge the impact Filipinos have in the global trade, secretary general Ban Ki Moon even hoped for more Filipino youths would join the profession. In 2010, the secretary-general of IMO (International Maritime Organization) hailed Filipino sailors as the "unsung heroes" of the unsung industry, namely the shipping industry that carried most of the world trades in goods.
Just recently, Angkla, a legislative action group espousing representation for all Filipino seafarers in the government was formed. The group believes that the country's merchant mariners should be given sectoral representation in government to champion their rights and have direct approach to policy-making. Follow their website for more information http://www.angkla.org/ .

Net Forex To Exceed Previous Forecast

2011-11-17T07:09:00.001+08:00

The net inflow of foreign exchange into the country is expected to top the initial estimate of $6.7 billion by the end of the year as developments offshore led to a higher-than-expected entry of “hot money” and robust growth in remittances.

The Philippines could end the year with record foreign reserves of $76 billion, the Bangko Sentral ng Pilipinas (BSP) chief said, backed by modest growth in remittances from overseas Filipinos and helping boost the balance of payments (BoP) surplus. The central bank’s previous forecast was for GIR to hit $74-75 billion this year. That forecast was already breached in October when figure reached $75.8 billion.

“We are reviewing the projection to take into account developments over the past months,” BSP Governor Amando Tetangco Jr. told reporters.

This year, remittances remained strong despite the lingering crisis in the eurozone and the weak economy of the United States because of the increasing demand for Filipino workers in alternative, foreign labor markets.

Fiscal and economic problems in the West have also prompted foreign portfolio fund owners to shift their money to emerging Asian markets such as the Philippines where growth outlook was much better.

Strong inflows of foreign currencies into the country this year are credited for helping improve the country’s creditworthiness.

The central bank said the rising BOP surplus and GIR helped the country win the favor of the international financial community, which now sees the Philippines as being more capable to service its liabilities to foreign creditors and investors.

PDIC: All Valid LBC Accounts, Claims Will be Paid

2011-09-13T22:40:00.001+08:00

MB places LBC Dev’t Bank under PDIC receivership
All Valid Accounts, Claims Will Be Paid

The Monetary Board (MB) placed LBC Development Bank under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1354 dated September 9, 2011. As Receiver, PDIC took over the bank on September 9, 2011. PDIC shall gather, verify and validate all bank records and administer and preserve its assets for the benefit of all creditors.

PDIC assured depositors of LBC Development Bank that all valid accounts and deposit insurance claims will be paid as soon as possible. It also said that updates will be issued as soon as examination and validation of accounts are completed.

The state deposit insurer will conduct a series of Depositors Forums (DF) in the localities where branches of LBC Development Bank are located. The schedules of the DF will be announced as soon as possible in the bank premises and in the PDIC website, www.pdic.gov.ph. During the DF, PDIC representatives will explain the requirements and procedures in filing deposit insurance claims. PDIC advised the depositors to await announcements on the schedules of the DF.

LBC Development Bank is a 20-unit thrift bank. Its head office is located at 809 J. P. Rizal St., Poblacion, Makati City. Its 19 branches are located nationwide. Latest available records show that as of June 30, 2011, LBC Development Bank had estimated total deposit liabilities of P6.09 billion comprising one tenth of one percent of the total deposits in the Philippine banking system. Insured deposits amount to P3.73 billion. Number of accounts totaled to 321,516 and 99.4% of the said total number of accounts are fully covered by deposit insurance.

Announcements on the schedule of claims servicing operations will be posted on the PDIC website, www.pdic.gov.ph, and in the bank premises.

Notice to Depositors of LBC Development Bank on Conduct of Depositors Forum

2011-09-13T22:36:00.002+08:00

Notice to Depositors of LBC Development Bank on Conduct of Depositors Forum

The Depositors Forum is a venue for PDIC to discuss the procedures and requirements for filing claims. Following is a partial schedule of the Depositors Forums:

LBC DEVELOPMENT BANK BRANCHES	DATE	TIME	VENUE
Head Office	For depositors with surnames starting A-L: Thursday, Sept. 15, 2011	2:30PM	Makati Coliseum, Mascardo St., Brgy. Singkamas, Makati City
Head Office	For depositors with surnames starting M-Z: Monday, Sept. 19, 2011	2:30PM	Makati Coliseum, Mascardo St., Brgy. Singkamas, Makati City
Aklan Branch	Tuesday, Sept. 20, 2011	8:30AM	APSTA Teachers' Center 19 Martyr Cor. Mabini Sts., Poblacion, Kalibo, Aklan
Angeles Branch	Wednesday, Sept. 14, 2011	2PM	Sangguniang Panglunsod Session Hall, New City Hall, P. Maragul, Angeles City (near Marquee)
Baguio Branch	Friday, Sept. 16, 2011	9:00AM	CAP Development Center Auditorium, 4^thFloor CAP Bldg., Post Office Loop, Baguio City
Balanga Branch	Wednesday, Sept. 14, 2011	3:00 PM	Brgy. Tenejero Covered Court, Balanga, Bataan
Batangas Branch	Wednesday, Sept. 14, 2011		People's Quadrangle, Batangas City (At the back of City Hall)
Cebu Branch	Friday, Sept. 16, 2011	9:00 AM	Sinulog Hall, Public Library, Jones Ave., Cebu (in front of Cebu Doctor Hospital)
Iloilo Branch	Monday, Sept. 19, 2011	9:00AM	Division Social Hall & Cultural Hall, Gen. Luna cor. Mabini St., Iloilo (near Mabini Elem. School)
Imus Branch	Thursday, Sept. 15, 2011	3:00PM	2^nd Floor, Bulwagang Ugnayan (Old Imus City Hall)
Laoag Branch	Monday, Sept. 19, 2011		City Hall Covered Court, Laoag City
Naga Branch	Wednesday, Sept. 14, 2011	8:30AM	Naga City People's Hall (inside City Hall), J. Miranda Ave., Naga City
San Pedro Branch	Thursday, Sept. 15, 2011	9:30AM	Brgy. Poblacion Covered Court, 20 Ramirez Ave., Cataquiz 1 Subdivision, Brgy. Poblacion, San Pedro, Laguna
Timog (Quezon City)	Tuesday, Sept. 13, 2011	10AM	Covered Court, Barangay Laging Handa, Scout Gandia, Quezon City
Urdaneta Branch	Thursday, Sept. 15, 2011	9AM	Main Gym, Urdaneta City Convention and Sports Center, (near LTO Office), Urdaneta, Pangasinan
Vigan Branch	Friday, September 16, 2011	2PM	Cuta Gym, Barangay 9 corner Rivero St. and V. delos Reyes St., Vigan City
Olongapo	Wednesday, Sept. 14, 2011	9AM	Rizal Triangle Multi-purpose Center, West Bajac-Bajac, Olongapo City

Schedule of Depositors Forums for the Head Office and other Branches not covered above will be announced later.
The schedule of claims settlement operations (CSO) will be announced later.
For more information and updates, please get in touch with PDIC through:
1. PDIC Hotlines (02) 841-4630 and 841-4631
2. Email at pad@pdic.gov.ph
3. Website: www.pdic.gov.ph

PDIC Statement on LBC Development Bank

2011-09-13T22:34:00.000+08:00

Below is the statement published by PDIC for the depositors of LBC Development Bank:

PDIC Statement on LBC Development Bank

September 12, 2011

The Philippine Deposit Insurance Corporation (PDIC) assures the public, particularly depositors of LBC Development Bank, that the Corporation will pay all valid accounts and deposit insurance claims as soon as possible.

Latest available records prior to takeover show total deposit accounts of 321,516. We shall announce the start of payout as soon as possible, given the volume of accounts involved.

We request depositors to await further announcements on claims operations. PDIC shall give periodic updates as soon as the examination of bank records is complete. These will be posted in bank sites and the PDIC website, www.pdic.gov.ph.

Meantime, PDIC is arranging the conduct of Depositors Forums for depositors of the Head Office and all its 19 branches nationwide. During the Forums, we will explain procedures and requirements on filing claims and answer depositors’ queries. Schedules of the Depositors Forums will be announced shortly. These will be posted in the PDIC website, in the bank and branch premises as well as conspicuous places in the localities where the branches are located. Depositors may also call the PDIC Helpdesk at 841-4630 and 4631 or email the Public Assistance Department at pad@pdic.gov.ph.

Again, we assure depositors that PDIC will pay deposit insurance for all valid accounts and claims.

LBC Bank Closes

2011-09-12T20:20:00.001+08:00

Depositors of LBC Developtment Bank have no idea what was going on for days when they couldn't access their money through atms until it was finally closed by the Banko Sentral ng Pilipinas. The Monetary Board has ordered the LBC Development Bank to be placed under the receivership of PDIC, Philippine Deposit Insurance Corp since last Friday. The bank was deemed insolvent because it could no longer sustain its operations and obligations to its depositors and debtors.

The PDIC said that the LBC Development Bank is a small bank and will not affect the banking industry as a whole negatively. However, LBC being known worldwide to many Filipinos as a courier and remittance company, a lot of OFWs and their relatives have active accounts to its affiliate bank, the LBC Development Bank. It sad to learn that it will take sometime for them to get their deposited money of not more than 500,000 Pesos back through PDIC. In the event that a deposit has more than the insured amount, they would have to wait further for the bank to sell their assets to be used to divide for its depositors.

Notice of insurance claims will be posted at the LBC bank branches and PDIC website www.pdic.gov.ph

Metrobank Partners with Moneygram International

2011-06-24T07:19:00.000+08:00

The Metropolitan Bank & Trust Co. (Metrobank) has expanded its remittance service by partnering with leading global payments company MoneyGram International to extend its money transfer service to Filipinos abroad.

Metrobank was the first MoneyGram agent in the Philippines to implement AgentConnect, a platform integrating the money transfer service with the bank’s system. With this platform, beneficiaries receive cash more quickly and conveniently at any Metrobank branch. OFW beneficiaries only need to complete and submit a 'receive' form, along with their valid IDs. Remittances may then be released either in Philippine Pesos or in US. Abroad, the OFWs may send money through MoneyGram’s global network of 233,000 agent locations in 191 countries and territories.

Maximizing Currency Conversion - Local Money Changers

2011-05-14T08:57:00.001+08:00

A good way of maximizing your foreign money's worth in Philippine Peso is to convert them to local currency via foreign exchange centers. Local money changers, without a doubt, give out higher rate of foreign currency to Philippine Peso than banks offer (although, if you are to convert a huge amount of foreign money to peso, banks definitely can match these rates especially if you are dealing with a bank you have existing business relationship with). On the average, they may offer 15% higher than what banks can give. Money changers are quite common in Manila Malate-Mabini area as well as around Makati Business District. Most have visible security guards and relatively safe access but make sure to transact inside the premises of these money changing shops. Be aware of people in the streets who would try to supposedly give you a better rate than what these shops could. Some bigger foreign exchange shops even have added services where you can transfer the exchanged money via door to door to a local address, deposit to a bank account or received through a partner payout service like ML Kwarta Padala, Cebuana Lhuilier, or Smart Money Padala/Globe Remit therefore removing the burden of carrying money out of these shops after transaction.
It means that when sending money to the Philippines, you may have to let your recipient receive the money in foreign currency without the bank or money transfer agent converting it to local money. These transactions may be limited to major foreign currencies like the USD, Yen or Euro and/or may require that the recipient have a dollar deposit account in his/her local bank.

Smart Padala Foreign Remittance Partners List

2011-05-10T14:09:00.004+08:00

Smart Money Padala: How-to

Here is a partial and unverified list of Foreign Remittance Companies with Smart Padala Services (Philippines). You may have to transact with these companies locally and inquire individually to confirm. Unfortunately, the official Smart Telecoms website has no updated list of foreign partners. :

Direct Money (UK and Perth Australia)
Pinoy Express (Saipan, Vienna Austria, Brunei, Singapore, Hongkong, Palau, Riyadh KSA)
CBN Grupo (UK, Japan)
Far East Express (UK, Hongkong)
Swift Cash (London)
Dax Service (California, USA)
Twilight Express (UK)
Cybertalk (New Zealand)
Al Ansari
Al Sajwani
NYBR (New York, USA)
Quick as A Flash (Canada)
Pera Padala-BM Express (Australia)
RLC Ventures (New Zealand)

Please feel free to share any additional information regarding Smart Padala.

Get to Watch the Pacquiao Mosley Fight if you Send Money through Xoom

2011-04-24T08:30:00.000+08:00

Send your first money transfer to the Philippines with 150 USD or more and get the Pacquiao Mosley Fight though DirectTV. Offer valid for new Xoom.com users only sending $150 or more to the Philippines along with purchase of Pacquiao vs. Mosley PPV Event on 5/7/11. PPV fee reimbursed via Prepaid Reward Card valued at $55. Offer valid from April 20, 2011 to 10PM PST on May 7, 2011. Online redemption and valid email address required. Offer available to DIRECTV subscribers.

You must be a DIRECTV subscriber to be eligible for this promotion. This offer is subject to Terms and Conditions of your TV service provider (DIRECTV). Promotion offer is capped at $55 (the cost of standard definition telecast) Customers purchasing the HD telecast will need to pay any difference between the SD and HD price.

Send Money Now.

Slower OFW Remittance Growth Expected This Year

2011-04-18T08:08:00.000+08:00

Several weeks after reporting another record high on February Remittance figures, BSP reported it has lowered its original growth target by eight percent to about $20.2 billion this year. The monthly growth in remittance recorded in February was the slowest in 9 months. The expected slowdown were due to the effects on conflicts in Middle East and North African Countries and the continuing effects of natural disasters that hit Japan. However, BSP remains optimistic about the positive growth of remittances from the rest of the world as demand for skilled Filipino workers abroad continue to increase.

Safe, Fast and Reliable Remittance from the US through Wells Fargo and BPI

2011-03-28T17:54:00.002+08:00

If you are in North America, just visit a Wells Fargo branch and enroll your relative's BPI or BPI Direct account. This will allow you to send funds straight to their BPI account in the Philippines. There is also an option where your recipient in the Philippines may pick up money at any BPI or BPI Family Savings Bank branch. The sender just needs to provide the beneficiary's name and full address, these information must exactly match the BPI account records or the valid I.D.s of the beneficiary. Wells Fargo will then create the remittance details to ensure money is sent quickly and securely. Through credit-to-account, Wells Fargo will complete a one-time verification of the details, after which subsequent remittances will be sent as soon as the same day. If through Cash Pick-up, money will be sent on the same day, however the remitter has to provide the beneficiary the 16-digit reference number issued by Wells Fargo, which the beneficiary needs to present along with proper I.D.s when claiming the remittance.

AlertPay Online Money Transfers

2011-03-24T16:06:00.004+08:00

Online money transfers have become a way of sending and receiving money for people who spend a lot of time on the internet. Popular choices are the use of Paypal or AlertPay. Online transfers are fast, reliable and safe. To send money, you may use your account balance, transfer money from existing bank account or even you credit card. You can even send money in your local currency and your receiver will receive the money in another currency. When you receive money from someone using the same online payment company, you'll receive in the form of account balance that you can change to cash through your local remittance company, transfer to a local bank or use as payment for online purchases.

Best of all joining to these services are free.
Send and Receive money through Paypal
Send and Receive money online with AlertPay Today

LBC Online Services

2011-03-22T07:34:00.001+08:00

LBC, one of the country's biggest remittance and courier service providers offer online services to its customers. Status of remittance can be tracked online through their website http://www.lbcexpress.com/ as well as contact them through their facebook and twitter accounts.

Japanese Yen Near to Record High vs Other Major Currencies

2011-03-16T21:39:00.003+08:00

The Japanese Yen has always been a stable foreign currency. Even immediately after the earthquake, tsunami, and scare of radiation from the 'meltdown' of nuclear facilities, the Japanese Yen still showed signs of stability. Short term, this is good for Filipinos coming home from Japan who wanted to start anew leaving their painful experiences in Japan.Their Japanese Yen with near record high values, should sell favorably vs Philippine Peso.

Remittance At All Time High in 2010

2011-02-16T10:22:00.002+08:00

BSP reported that remittances to the country reached a record of close to 19 Billion USD in 2010.

PDI News

More Foreign Investments in the Philippines

2010-12-16T19:35:00.000+08:00

The Banko Sentral ng Pilipinas, reported an expansion of foreign investments portfolio in the Philippines. Foreign investments in shares of stocks, "hot money,"in the Philippine Stock Exchange reached to a record of 4.18 billion USD as of end of November 2010.

PH's Redesigned Bank Notes

2010-12-16T19:26:00.001+08:00

Redesigned bank notes were launched today, December 16, by the Bank Sentral ng Pilipinas. There are significant changes in the appearance, design and elements found in the bills. The new bills have upgraded security features that will make it easier to identify fake from the legal money. All six denominations of the Philippine Peso bills have new designs.

gmanews

Internet Cafes as Remittance Agents?

2010-12-08T10:02:00.001+08:00

The internet cafes or computer rental shops around the communities can be seen as remittance agents where beneficiaries may receive remittances from anywhere around the world or send money remittances. Internet cafes provide meaningful services to families who are separated across long distances, through the use of internet-connected computers and devices. Text message exchanges through chat service or video and voice calls from the inside internet cafe's are among the cheaper alternatives of families in the Philippines to stay connected abroad. Next time you or any of your loved ones visit an internet cafe in Philippines, you may want to see if they provide remittance services, which may turn out to be your next remittance partner.

M Lhuilier Partners with Wells Fargo

2010-11-11T09:49:00.002+08:00

M Lhuilier and US based Wells Fargo announced their partnership in providing remittance services to US based customers to send money to the Philippines. Filipinos based in the US who send money to their loved ones in the Philippines will benefit from this partnership between two leading service providers. Customers can send up to 1,000 USD a day to their beneficiaries in the PH at a low transaction fee. The beneficiaries can claim their remittance from any of the M Lhuilier agents distributed across the archipelago.

See related post M Lhuilier Remittance Agents

M Lhuilier News

Currency Exchange Dilemma: When to Send Money to the Philippines?

2010-11-03T07:04:00.000+08:00

When to send money to the Philippines? The recent strong showing of the local currency, Philippine peso, in currency exchange market brought some fear especially to overseas Filipinos who send money to the Philippines. The value in Philippine Peso of the foreign money they earn was affected creating anxiety to them and their families back home. The same is true to the Philippines' export industry. Some experts, however say that the electronics industry, which account to probably more than half of the country's exports were not badly affected due to the fact that most raw materials are imported. Industries that use local materials on the other hand are the ones who feel the effects of Philippine peso appreciation especially against the US dollar.

There are several factors that affect the foreign exchange rates but generally can be attributed to several elements of supply and demand. They are categorized into economic factors, political conditions, and market psychology. There are computer/mathematical models that claim to predict foreign money prices based on the analysis of current events, and result of dual forces of supply and demand. Institutions and professional individual traders make profit from these consistently. For the majority however, the simple answer to the question, when to send money to the Philippines, is related to another more compelling question: how much money to send to the Philippines?

Report: Increase in Remittance Continues to Grow

2010-10-16T08:44:00.000+08:00

Remittance to the Philippines is up by 9.8% from the previous year of the same month. This is due to the fact that more Filipinos move outside the country for employment and other opportunities this year. More on this report from Philippine Daily Inquirer.

Inquirer News

List of Acceptable ID (Valid Identification Document) for Bank/Remittance Transactions

2010-09-06T14:42:00.001+08:00

In claiming/receiving remittance from banks and transfer agents, they would require the recipient or beneficiary for at least 2 government issued or valid IDs. Below are the common documents that can be used. The list may not be complete and intended only as guide. Some agents may require more than 2 if needed. Make sure the IDs have picture of the owner/bearer and is valid (within the prescribed expiration date).


PRIMARY IDS
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19 20. 21. 22. 23. 24. 25. 26. 27. 28.	Philippine passport or Foreign Passport Driver’s License Professional Regulations Commission (PRC) ID National Bureau of Investigation (NBI) Clearance Police clearance Postal ID Voter’s ID Barangay certification Government Service Insurance System (GSIS) Social Security System (SSS) card Overseas Workers Welfare Administration (OWWA) ID OFW ID Seaman’s Book Alien Certificate of Registration (ACR)/Immigrant Certification of Registration Government Office and GOCC ID e.g. Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID) Certification from the National Council for the Welfare of Disabled Persons (NCWDP) Department of Social Welfare and Development (DSWD) Certification Major Credit Cards Bureau of Internal Revenue (BIR) Taxpayer’s ID Firearms License National ID Work Permit Diplomat ID Philippine Leisure and Retirement Authority (PLRA) ID Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC. Philhealth Card Immigrant Certificate of Registration Other valid IDs issued by the Government and its instrumentalities e.g. DTI

LBC Door-to-Door Foreign Remittance Delivery to the Philippines

2010-09-06T10:14:00.002+08:00

LBC the leading courier service provider in the Philippines, through MoneyGram International are offering foreign remittance delivery to a Philippines local address. This is a convenient way to receive money sent to the Philippines form another country. Just make sure the recipient have valid IDs, and the needed information for verification. Visit your MoneyGram International agent, and request for the Door-to-door remittance delivery service to the Philippines. More on sending money to the Philippines through Moneygram International, click on this link.

Cebuana Lhuillier, M Lhullier as Remittance Agents

2010-09-06T10:06:00.003+08:00

Two of the largest pawnshops chain in the Philippines with the widest access to Filipino households are also remittance agents in partnership with Moneygram. Money sent to the Philippines can be conveniently received through participating outlets of these companies. These are just a few of the many possible ways to receive money sent to the Philippines. The following is a more detailed information on sending money to the Philippines through Moneygram and a convenient tool to locate remittance agents in you locality where to receive them.

Sending Money Though Moneygram

MoneyGram Agent Locator