4B USD Foreign Remittances from Filipino Seafarers in 2011

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...

Net Forex To Exceed Previous Forecast

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...

PDIC: All Valid LBC Accounts, Claims Will be Paid

MB places LBC Dev’t Bank under PDIC receivershipAll 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...

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

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 BRANCHESDATETIMEVENUE Head OfficeFor depositors with surnames starting A-L: Thursday, Sept. 15, 20112:30PMMakati Coliseum, Mascardo St., Brgy. Singkamas, Makati City Head OfficeFor depositors with surnames starting M-Z: Monday, Sept. 19, 20112:30PMMakati Coliseum, Mascardo...

PDIC Statement on LBC Development Bank

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...

LBC Bank Closes

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...

Metrobank Partners with Moneygram International

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...

Maximizing Currency Conversion - Local Money Changers

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...