Bank of Commerce, an affiliate of diversified San Miguel Corp., said Wednesday it registered 30 percent growth in remittances from overseas Filipino workers in the first quarter on the back of gains from marketing campaigns in the Middle East and better linkages with remittance partners.
The bank ran a promotion from 1 December 2022 to 5 February 2023 that gave OFWs the chance to win P10,000 and P100,000 of online shopping vouchers from San Miguel Mart when they remit from Saudi Arabia. Three draws were held, the last on March 1, and 33 winners were awarded with online shopping vouchers.
Transactions conducted through the Mastercard Transaction Services as of March 2023 surged by more than five times compared to the same period last year.
“We are delighted to see such a substantial increase in our OFW remittance transactions. It is a testament to the Bank’s commitment to providing efficient and convenient services to our valued customers locally and internationally.”
Bank of Commerce president and chief executive officer Michelangelo R. Aguilar
He said the bank will launch this month SIKAPPINOY Asenso, an all-in-one service to help OFWs in Japan and their families handle their money in the most convenient, secure, and smart way possible. The Bank of Commerce set a milestone early in the year as first-quarter profit increased to P713 million, nearly doubling the prior year’s P360 million and higher than 2019 full year pre-pandemic performance.
