INQUIRER.net

MONEYGRAM INTERNATIONAL INC., one of the biggest money transfer firms in the world, is set to tie up with more banks in the Philippines to expand its local operations and become accessible to more Filipino households supported by remittances.

The US-based remittance firm currently has partnership agreements with Banco de Oro, the Philippine National Bank, and Allied Bank. It also has tieups with nonbank companies like Cebuana Lhuillier Service Corp.

Under the partnership agreements, MoneyGram accepts remittances sent by workers offshore, while its partners in the Philippines make sure the money reaches the intended recipients.

According to Daniel O’Malley, president of MoneyGram for the Americas, the Philippines has become an important market for the firm especially because of the continuing growth in cash sent home by Filipinos abroad.

“MoneyGram sees the importance of the Philippines for its business. We are going to implement programs that will improve our reach in the remainder of the year and in 2010,” O’Malley said. MoneyGram executives were in the country yesterday to discuss some of its marketing programs with its partners.

While some countries, like Mexico, saw a decline in remittances at the height of the global turmoil, the Philippines still enjoyed steady rise in money sent home by Filipino workers.

O’Malley said that when companies in recession-afflicted countries, started laying off workers, many Filipinos who lost their jobs managed to find employment abroad instead of going back home.