Dedicated to Development
BDO, Mr. Rolando C. Tanchanco, BDO Executive Vice
President and Consumer Lending Group Head
The purchasing power of Overseas Filipino Workers (OFWs) in Northern California is today, one of the highest in comparison to other countries with substantial Filipino populations. With a significant number of relatively affluent OFWs continuing to send money home, remittances today account for 13.5% of the country’s GDP.
Accordingly, the number of investments being made in the property sector is increasing and OFWs contribution to the real estate boom in the Philippines is being facilitated by strong financial institutions that are eager to provide simplified loans and a platform for efficient remittances to hard working Filipinos abroad.
Leading the way is BDO Unibank (BDO), the Philippine’s largest bank in terms of customer loans, total deposits, total resources and assets under management.
“BDO is a member of the SM Group, one of the Philippine’s largest and most successful conglomerates with businesses spanning retail, mall operations, property development (residential, commercial, resorts/hotels) and financial services. Our consumer lending group completes the suite of bank services available to BDO’s millions of customers by providing retail, automotive, home, small business and personal and credit card loans,” explains Mr. Rolando C. Tanchanco, BDO Executive Vice President and Consumer Lending Group Head.
BDO’s global remittance service brand ‘BDO Remit’ is proving to be a huge success throughout the country. The service comprises of almost 5,000 cash pick-up points in the Philippines located at the banks own branches, BDO Remit Counters in SM Group locations, rural banks and financial partner offices.
“This ensures that OFW families can easily get their remittance. BDO branches and BDO Remit Counters in SM malls, allow safe and convenient peso and dollar payout for beneficiaries,” says Tanchanco.
Recognizing the demand for seamless efficiency and convenience, the bank offers lower interest rates and longer payment terms for home and auto loans. Clients may also get approval on their applications within 10 working days provided all requirements are met.
“Customers can also take advantage of our All-In Financing scheme that takes care of the miscellaneous expenses at all stages of owning a home or vehicle– registration fees, insurances, and incidental expenses. The Home Loan could also be used to refinance an existing home loan, or as reimbursement of home acquisition cost. We also partner with major developers as well as local provincial developers, among which is SM Development Corporation,” he says.
A sizable number of BDO’s retail loans customers are OFWs and the bank reaches out to them via strong remittance partners, overseas offices and retail developer’s international road shows. In the U.S., BDO has four remittance subsidiary offices including one in Mission St. in San Francisco and has established partnerships with large U.S. based remittance companies including Wells Fargo, RIA and MoneyGram.
“In the Philippines, we have a large distribution network with 740 operating branches and over 1,600 ATMs and our internet and mobile banking services make it convenient for the beneficiaries of OFWs to partner with us. The BDO website enables customers to access their deposit, credit and loan accounts, pay bills, transfer funds, reload cash cards or wire money from abroad. We have a responsibility to our customers to provide them with these relevant and seamless products and services wherever they are in the world,” he says.
Looking forward, BDO will continue to take advantage of favorable domestic and international growth opportunities. BDO looks set to remain the preferred bank by consistently meeting international market demands and delivering products and services that surpass customer expectations, wherever they may be located.
“Every Filipino deserves to work and own a home and car, among other things. It’s up to us to find ways to help our OFWs further their success,” Tanchanco says.