In picture: R-L: Ms. Grace Sausa, LBP Executive Officer and representative to Indonesia; Ms. Jocelyn Cabreza, LBP Executive Vice-President; Ms. Gilda Pico, LBP President and CEO; Hon. Roberto Manalo, Charge d’ Affaires, Philippine Embassy; Ms. Sansan Hakim, PT Prima Express Managing Director; and Ms. Christina Winata of PT Prima Express.
Jakarta, November 7, 2014 – Landbank, the largest government bank in the Philippines and fourth largest bank in the Philippine banking industry, has recently signed a Memorandum of Agreement with PT Prima Express Remit, a licensed remittance company with over fifteen years experience in the remittance business, to provide the most reliable and efficient services in money transfers and remittances for overseas Filipinos in Indonesia.
“Our Filipino migrants and professionals and Filipino companies and other companies with funding requirement in the Philippines - not just for a Landbank account but for any banks' account in the Philippines, including cash pick up services, may now use this channel in sending funds which could be in retail or bulk,” said Ms. Grace Sausa, Landbank’s representative in Indonesia.
The MOA allows Landbank to assist PT Prima Express Remit in the transfer of funds from anywhere in Indonesia to the Philippines and handle the processing and final disposition of the remittance transactions of PT Prima Express Remit.
LBP signing of MOA with PT Prima Express witnessed by Hon. Roberto Manalo, Charge d’ Affaires of the Philippine Embassy.
The partnership between Landbank and PT Prima Express Remit also complements Landbank’s existing network overseas and further expands its global presence.
This reach is further magnified by the vast network of established agents of PT Prima Express Remit, thus, enabling Landbank’s existing and potential clients to conveniently transfer and deliver funds to the Philippines in a reliable, secure and fastest way possible.
The Philippines has a large population of overseas workers and expatriates, and it ranked third among the top recipients of remittances in 2013 worth US$25.4 billion, according to the World Bank.
“It is worth noting that these are just the officially recorded remittances, which means the true size, including unrecorded flows through formal and informal channels, could be significantly larger. This is why we are aggressively pursuing a bigger share of this market because the opportunity is truly immense,” explained Ms. Gilda E. Pico, Landbank President and CEO.
“Apart from money transfers, we are also encouraging overseas Filipinos and their beneficiaries to become savers, investors and entrepreneurs. This will not only ensure that their hard-earned money is to put to productive use but this will also have a multiplier effect on the creation of greater value in our economy”, Pico added.
LBP representative Ms. Grace Sausa with Ms. Alma Argayoso, the Philippines’ Commercial Representative to Indonesia. The Philippines’ trade office promotes Landbank’s various initiatives particularly activities related to supporting overseas Filipino investors.
Landbak offers a wide range of financial services to returning overseas Filipinos such as palay and rice trading, fish trading, crop production, computer shop, grocery and construction businesses. It also offers a housing loan program and other services such as government securities, retail treasury bonds, time deposits, and trust products and services.
Landbank’s partnership with PT Prima Express Remit exemplifies LandBank’s vision to be not only the dominant financial institution in the countryside development, but also a major banking institution committed to assist overseas Filipinos in the fund transfer and other banking and investment needs.
“We believe that this joint undertaking with an equally reliable remittance agency like PT Prima Express Remit will be an effective means to pursue our goal of developing more programs and investment products that are responsive to the needs of our kababayans abroad as remitters, savers and investors,” Pico added.