iRemit to distribute Landbank OFW cash card

MANILA, Philippines - State lender Land Bank of the Philippines has tapped listed remittance firm iRemit, Inc. as distributor of its OFW Cash Card, which serves as another channel for Filipinos working abroad to send their hard-earned money back to their families in the Philippines.

iRemit, in a disclosure to the stock exchange Monday, said it has entered into a general remittance agreement with Landbank, which requires it to promote and distribute the OFW Cash Card.

Gilda E. Pico, Landbank president and chief executive, in a statement said the agreement will widen the bank’s distribution network for the cash card — a "reliable and affordable remittance channel."

The cash card is a debit card allows a variety of transactions less the inconvenience of money changing hands. It registers cash value that can be gradually utilized.

It is not a deposit account, and does not require one to open a bank account or maintain a maintaining balance.

An OFW who has applied for a cash card can have it loaded through iRemit in any of its branches abroad, and send funds back home to the Philippines if his or her card is linked to a Smart mobile phone.

Landbank aims to distribute 350,000 cash cards this year, and has tapped other remittance firms aside from iRemit as distributors.

The bank, fourth largest in terms of assets in 2007, does not have enough branches to cater to Filipinos working abroad. Its subsidiaries maintain just four offices in the United States and Italy.

Other than the cash card, Landbank provides other remittances services to OFWs: direct credit to savings account, pick-up at Landbank branches and door-to-door delivery. - BusinessWorld

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