LAST May 10, the Bangko Sentral ng Pilipinas (BSP) recorded a 4.9 percent year-on-year jump in cash remittances in March to US$2.51 billion. By end-March, this rose to 2.6 percent at US$7.59 billion.
Meanwhile, a development brief by the World Bank entitled “Resilience: COVID-19 Crisis Through a Migration Lens” noted that the Philippines ranked fourth among remittance destinations in 2020, reporting US$34.9 billion from Filipinos overseas.
The financial institution attributed this sustained strength in spite of the pandemic to low remittance rates and an increase in remittances through digital channels. The World Bank also noted that there has been a sustained rise in remittances in the country due to positive outlooks in the rebound of major host countries.
Recognizing these developments, WorldRemit, a leading international cross-border payments company, announced its direct partnership with LBC, a logistics and remittance service provider in the Philippines.
In a company statement sent to FrontpagePH.com, it said the partnership will allow recipients of money transfers from WorldRemit get their remittances at more than 1,500 LBC branches across the Philippines.
“We’re delighted to partner with such a reputable brand and payout network such as LBC to add more payout locations to our already extensive network. Ensuring our customers are able to transfer money to family and friends back home conveniently, safely and as quickly as possible is why we exist,” said WorldRemit Country Director Earl Melivo.
When asked about the rationale for the partnership, Melivo said partnering with LBC is part of the company’s strategy to increase WorldRemit’s physical presence in the Philippines and be able to meet the growing demand for cross-border remittance and digital financial services in the country.
“LBC always looks to provide the best service to our clients and the Philippines. When it comes to sending and receiving money via remittance we always look to partner with the best. That is why we are happy to announce our partnership with WorldRemit, one of the top remittance solutions partners in the world,” commented Juan Manuel Liwag, Brand Head for LBC Express Philippines.
In the Philippines, WorldRemit offers 29,000 cash pick-up locations, transfer to all leading bank accounts, payments to the three leading mobile wallets, and airtime top-ups on all major mobile networks.
“With an extensive network of physical locations in the Philippines, our partnership with LBC will expand access to cross-border remittance services for Filipino WorldRemit customers, further ensuring a seamless digital money transfer experience.” said Melivo.