M. Lhullier, Moneygram alliance allows remittances to be received in dollar

MANILA, Philippines - M. Lhullier Financial Services Inc. and US-based Moneygram International Inc. entered into a partnership that will allow Filipinos working abroad and their beneficiaries to send and receive remittances in dollars on a 24-hour basis.

The agreement, signed on Thursday in Manila, will allow individuals to “hold the greenback for speculation, in hopes that it would go up," said Michael Lhuiller, vice president of M. Lhuilier Financial Services Inc.

The service is in demand, he added.

Under the partnership, Minneapolis-headquartered MoneyGram would facilitate the transfer of dollar remittances to all 1,200 M. Lhuiller pawnshops throughout the Philippines. The launch is set for April 2009.

John Hempsey, CEO of MoneyGram International, said they have competitive remittance rates for OFWs.

MoneyGram, with its 176,000 locations worldwide, only charges $14 for every $1,500 sent from Malaysia while they charge only $9.99 for every $500 sent from the US, Hempsey explained.

“We offer competitive pricing and exchange rates for the Philippines and with this strategic alliance; we can now reach out to a wider customer base across the country," Nick Cunnew, senior regional director, Asia Pacific and South Asia.

Remittances from overseas Filipino workers reached $16.3 billion in 2008, 13.7 percent higher than in 2007.

Remittance growth may slow down to 6 percent this year, with most of major economies going into recession, the Bangko Sentral ng Pilipinas said.

Despite the economic slowdown that has caused the lay-offs of more than 5,000 Filipino workers, Cunnew believes that remittances would continue to flow into the country. - GMANews.TV

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