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...

Smart Padala Foreign Remittance Partners List

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...

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

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...

Slower OFW Remittance Growth Expected This Year

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...

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

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...

AlertPay Online Money Transfers

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,...

LBC Online Services

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 accoun...

Japanese Yen Near to Record High vs Other Major Currencies

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 Pes...

Remittance At All Time High in 2010

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