PNB eyes higher remittance share
Donnabelle L. Gatdula (The Philippine Star) - July 14, 2014 - 12:00am

MANILA, Philippines - Lucio Tan-led Philippine National Bank plans to increase its market share in the country’s overall remittance volume to 25 percent in the next five years, a bank official said.

PNB, the country’s fourth largest bank in terms of assets and deposits, accounted for 21 percent of the total $22 billion overseas Filipino remittances volume in 2013.

To date, the bank has over 1.5 million depositors which are receiving remittances from abroad.

At present, PNB has 77 international branches. In the Philippines, it has has 626 branches and 833 automated teller machines (ATMs).

PNB first senior vice president Benjamin Oliva, who also heads the Global Filipino Banking Group, said they are optimistic that they could keep track with an annual 15 percent growth in their remittance business. 

The 15 percent annual growth target in remittance business, Oliva said, is way above the industry’s average growth of 6.4 percent.

To accomplish this goal, Oliva said they would continue to bring innovative products and services to Filipinos living and working overseas.

For one, he noted the success of their “Own a Philippine Home Loan Program” which grew about 22 percent in 2013.

According to Oliva, they expect to keep the same growth rate for the home loan program this year.

The home loan program is being offered and is very popular to Filipinos based in Japan, Singapore and the United States.

The bank also offers other products such as the Pangarap Loan Program which provides emergency financial assistance for education and medical needs.

In the first quarter of 2014, PNB’s loan portfolio increased by P4.3 billion across all customer segments despite the squeeze in margins amid a low interest rate environment.

The bank’s consolidated assets reached P611.9 billion for the first three months of 2014. 

Its gross non-performing loans (NPL) decreased to P10.3 billion as of end-March while its net NPL ratio was 1.3 percent and gross NPL coverage was at 93 percent.

 

 

BANK BENJAMIN OLIVA GLOBAL FILIPINO BANKING GROUP IN THE PHILIPPINES LUCIO TAN PANGARAP LOAN PROGRAM PHILIPPINE HOME LOAN PROGRAM PHILIPPINE NATIONAL BANK SINGAPORE AND THE UNITED STATES
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