Makes ties up with Canadian remittance firm
Consistent with the thrust of expanding its global reach, the Land Bank of the Philippines (LBP) recently signed an agreement with Mabini Express, Inc. (MEI), a Toronto-based remittance company catering to Filipino migrants and workers in Canada.
The partnership is expected to greatly improve the flow of remittances from Filipinos living in Canada to their beneficiaries in the Philippines.
According to Jojo Mallari, MEI’s VP for Sales and Marketing, Landbank’s Inward Remittance System (IWRS) and its extensive countryside branch network were the major factors considered in choosing Landbank as MEI’s servicing bank.
To date, Landbank has 323 branches and extension offices in all of the country’s 81 provinces. It also has 734 ATMs, which clients can access for their incoming remittances.
The IWRS is an Internet-based remittance solution that allows Landbank’s overseas offices and agents abroad to initiate and effectively handle remittances to be coursed through Landbank. Set up in 2005, this system is part of the bank’s comprehensive program to assist overseas Filipino workers by providing them with user-friendly remittance products and services.
"This partnership with MEI is a perfect opportunity for the bank to extend its services to the Filipinos in Canada by providing them a safer and more efficient remittance channel," said SVP Cecilia C. Borromeo, head of Landbank’s Account Management and Global Banking Group.
Early this year, Landbank also partnered with the Al Rajhi Bank of Saudi Arabia for the facilitation of remittances of overseas Filipino workers there.
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