More Foreign Investments in the Philippines

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

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?

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

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?

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

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

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

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

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

How Much Peso Does Your Money Convert To

Sending the exact money value in peso to the Philippines can be quite tricky. When sending thru a bank, while your money is "in-transit" it carries certain risk in currency conversion. The time when your transaction was actually processed in the receiving bank in the Philippines will determine your money's worth in Philippine Peso (Php). The same is true with online money transfers, although some service providers guarantee a certain amount of currency conversion. However, you must understand that it is lower than what the banks can actually offer.


To get real time currency conversion, there are online tools available.

Oanda Currency Tool

The Banko Central ng Pilipinas also publishes major currency equivalent of Php on a regular basis.

BSP Forex

Western Union Locations in the Philippines

Western Union agents are located all around the Philippines, in major cities, even small municipalities where they have tie ups with local banks and small business shops. Search Philippines in the country field, type in any of the following information, street address, city, zip code or an agent's name, click on submit. Western Union is just one of the many ways of receiving money sent to the Philippines.

Search results will show agent's names, location and contact information.

How to use western union

Here's a link to the western union agent locator

Western Union Locator

Use International ATM Card to Withdraw Money in the Philippines

Use an ATM machine

Like in the U.S. and other countries, ATM machines are just about everywhere in the Philippines. Once you are in the Philippines, you can draw from ATM machines at a local Philippines bank, just as you to in your home country. The funds withdrawn of course will be in the local currency (pesos), not dollars, and there are limitations on the amount which can be withdrawn on each transaction and the total daily.

MoneyGram Philippines Locations

Online tool to find MoneyGram agent location anywhere in the Philippines. Just select "Philippines" in the selection field, and type the city or zip code for a more specific search list of agents' names, phone numbers and their locations.

Agent Locator

Through MoneyGram International agents is just one of the many other ways of how to receive money sent to the Philippines..

Foreign Telegraphic Bank Transfer (Credit to Account)

One of the safest and inexpensive way of sending money to the Philippines is through telegraphic bank transfer from a foreign bank to a Philippine bank. The basic information you need are the following: (1) Name and Bank Account number of your beneficiary, and (2) Philippine Bank's Swift Code. Your recipient in the Philippines must have an active bank account. Some Philippine banks offer accounts for beneficiaries of foreign remittances that, except for some promotional privileges, are very similar to a regular savings account.

The key is for the beneficiary to carefully choose its local bank partner. Not all Philippine banks are the same, they charge different telegraphic transfer fees, others have additional commission charges, while some other smaller banks or those non-member banks charge clearing house costs to its clients. The recipient should also ask its bank if they have an existing correspondent bank to the country where the remittance will come from. Some local banks have non-bank partners and agents instead which usually charge the remittance sender higher compared to a bank's telegraphic transfer fee. Although US dollars are generally acceptable for telegraphic transfer, you must confirm with your recipient's bank if they can accept your foreign currency. Some local banks even require special instructions as part of the telegraphic transfer. If you as the sender miss out some of these details, your remittance may be significantly delayed worse returned to the sending bank which will entail additional telegraphic transfer costs.

Telegraphic bank transfers are usually credited to the recipient's bank account in 2 to 3 banking days. You may want to send your telegraphic transfer reference number or transaction number and the details of the transaction on your end to your recipient. When more than 3 days have passed and the money is not yet credited to your recipient's account, he or she can go to the local bank and inquire the transaction using the details of your telegraphic transfer.