By Steve Angeles, ABS-CBN North America Bureau
Sept. 25, 2014
LOS ANGELES – Just in time for the so-called “Ber months” that count down to Christmas, the Philippine National Bank has opened a new remittance center in downtown Los Angeles.
“We’re very excited, because this location is in the heart of Los Angeles,” said Ricky Villacisneros, President and CEO of PNB Remittance, “At the same time, we have a lot of buildings where a lot of Filipinos are working, so we can serve more to the Filipino community.”
Last year, overseas Filipino workers sent a record $25 billion dollars in remittances. While many money remittance services have made a push to go digital, PNB says it plans on expanding physical locations.
With a growing interest in Philippine retirement and investments – as seen in recent consular outreach events – the PNB says the brick and mortar locations offer more than just face to face remittance, but also financial services for those heading back to the Philippines or that do business there.
There are a lot of Filipinos, especially the older ones, where they would like to talk to people, talk to Filipinos, and they would like to hand over the money,” said Villacisneros. “We will be launching a lot of campaigns in as far as asking, informing our kababayans about the home loans that we’re doing right now. PNB is actually offering a full services when it comes to our kababayans going back to the Philippines and investing there. If you will be retiring, we actually do a service what we call pension remittances.”
Now with a center in LA’s financial district, PNB is continuing to expand its stores, in other states, especially the East Coast.