MANILA, Philippines - Two government-run financial institutions have joined hands to improve their services to overseas Filipino workers (OFWs).
The Development Bank of the Philippines (DBP) and the Land Bank of the Philippines said they recently entered into an agreement for a joint branch servicing scheme.
“DBP recently signed a memorandum of agreement (MOA) with Landbank for a depository bank tie-up to enable it to better serve the remittance requirements of overseas Filipino workers and their dependents,” DBP said in a statement.
Under the MOA, Landbank will serve as DBP’s depository bank for peso and US dollar deposits/ accounts for branch cash servicing.
Both banks have been working closely in the area of remittance services since 2007, with DBP utilizing the delivery network of Landbank to serve the inward remittances of overseas Filipinos.
At present, DBP offers its Electronic Cash Remittance (EC Remit) program which provides OFWs with a secure, safe, fast, easy, efficient and reliable means to remit their hard-earned money to their designated beneficiaries in the Philippines through a combination of electronic-based and traditional remittance services.
These include virtual payments, credit and debit card facilities, fund transfers and payments through ATMs/banks, non-bank service providers and door-to-door delivery facilities.
Landbank, on the other hand, offers a similar facility, OFC Cash Card, which is an electronic debit card that facilitates cash transactions like balance inquiry and withdrawals via automated teller machines (ATMs). This facility could be used by OFWs as funds remittance mode using their Smart mobile phones.