BANK of the Philippine Islands (BPI) has launched two remittance products to cater to the needs of overseas Filipino workers (OFW) and their families here.

In a statement on Wednesday, the Ayala-led BPI said it is offering BPI Pamana Padala where accounts being used by OFWs to send money home come with an insurance deal.

“OFWs can now send their hard-earned money to their BPI Pamana Padala account, from which they can electronically transfer funds directly to the BPI accounts of their loved ones. Its unique feature is the Remittance Continuation Plan which provides the free 90-day Personal Accident Insurance of P100,000 and life insurance coverage of up to P300,000,” the statement read.

The BPI Pamana Padala account holder will be entitled to the insurance coverage as soon as the holder sent four remittances within a year.

“[W]e launched BPI Pamana Padala, which not only gives the convenience of transferring funds anytime and anywhere, but also comes with a back-up plan for the peace of mind of the OFW,” Simon R. Paterno, BPI executive vice-president and segment head of financial products and alternative channels, was quoted as saying in the statement.

“Through this we hope to give the protection that OFWs need and thereby safeguard the future of their families.”

Meanwhile, BPI also launched BPI Padala Moneyger designed for the recipients of remittances here in the country.

Using the BPI Padala Moneyger account, the holder can manage the money such as paying bills and transferring funds with the use of the lender’s online banking platform as well as its automated teller machines.

The account has no maintaining balance as long as four remittances are made to the account within a 12-month period.

In early January, BPI partnered with Lulu Exchange, a foreign exchange firm in the Middle East.

The partnership enables the bank’s customers to remit money with Lulu Exchange which goes directly to BPI and BPI Family Savings Bank accounts.

BPI is the third largest commercial bank in the Philippines in asset terms as of end-September 2017, data from the central showed.

The bank reported it booked a net income of P22.42 billion last year, up by 1.7% from 2016.

Shares in BPI gained 1.27% or P1.5 to P119.5 apiece on Wednesday. — KANV

RELATED ARTICLESMORE FROM AUTHOR