MANILA, 25 May 2007 — The Metropolitan Bank and Trust Company (Metrobank) recently inked an agreement with Riyad Bank in Saudi Arabia to broaden market share in the Middle East.
Metrobank executive vice president Carmelita R. Araneta said the partnership with one of the top five commercial banks in the Kingdom is in line with Metrobank’s thrust to expand its network and increase client base. “With this tie-up, we are expecting to increase remittance transactions and expand our client base in Saudi Arabia,” she added.
Remittances of overseas Filipino workers (OFWs) in Middle East boosted the bank’s remittance business last year, contributing a 47 percent rise in volume and 46 percent increase in value for the oil-rich region because of the more than 30 tie-ups with various remittance centers.
Remittances from OFWs are expected to grow by another 10 percent and reach a new high of $13 billion next year, projections of the Bangko Sentral ng Pilipinas (central bank) show.
For this year, OFW remittances will likely hit $11.8 billion, up 10 percent from last year’s record high of $10.7 billion, according to the projections.