BANK of the Philippine Islands (BPI) has partnered with a remittance and foreign exchange company in the Middle East as it looks to enhance its services for its customers in the region.

In a statement sent to reporters via e-mail on Tuesday, BPI said it has partnered with Lulu Exchange, one of the biggest remittance companies in the Gulf region.

This partnership will enable overseas Filipino workers (OFWs) to remit their money directly to BPI and BPI Family Savings Bank accounts, making sending money easier as their families back home may redeem the funds sent through cash withdrawals.

The new service will benefit Filipinos working in United Arab Emirates (UAE), Oman, Kuwait, Bahrain, Qatar and Seychelles, where Lulu Exchange operates.

“Our priority is to ensure the convenience of OFWs in sending remittances wherever they are in the world, while giving beneficiaries a seamless and secure way of receiving money,” Simon R. Paterno, BPI’s executive vice- president and segment head of financial products and alternative channels, was quoted as saying in the statement.

“This tie-up with Lulu Exchange enables us to do just that while also expanding our reach to more OFWs especially during the holiday season.”

Lulu Exchange is one of the biggest remittance companies in the Middle East, with over 170 branches in 9 countries.

Meanwhile, Lulu Exchange Chief Executive Officer Adeeb Ahamed said: “We are excited to tie up with BPI to enhance our services offering to the Philippines. We have always committed to reach out to our customers by offering quality services and experience with the best technology.”

Latest data from the Philippine Statistics Authority show that the Middle East hosts majority of OFWs as 56.9% of 2.2 million OFWs are in the said region.

In 2017, there was a 12.7% increase in cash remittances from the region, driven by transfers from Kuwait, Oman, Qatar, Bahrain and the UAE. — Karl Angelo N. Vidal

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