Latest Stories

Money transfer firm expects to post double-digit growth in PH

US-based global remittance firm MoneyGram expects its Philippine operations to post a double-digit growth rate this year.

In a briefing, visiting MoneyGram senior vice president Grant Lines said the company would grow its market share in the Philippines by expanding its distribution channels, entering into more partnerships and introducing more products and services.

MoneyGram presently has a network of 9,500 sites, of which 3,000 have the ability to provide dollar-denominated payments and 200 of which serve customers 24/7.

Lines said MoneyGram was also moving toward introducing new products and services. Its traditional business involves cash-to-cash transfers.  To date, MoneyGram offers cash-to-(bank) account transfers through 20 partner-banks in the Philippines, of which Banco de Oro Unibank accounts for the largest volume.

He said the company would soon offer US dollar payments and the cash-to-(bank) accounts transfer service in US currency.

While the Philippines has traditionally been one of the world’s largest destination of remittances, the company official said Moneygram had started to see more customers sending money out of the Philippines, particularly to China.

Lines said there was also a growing demand for bank account-to-account or purely online transactions as well as cash transfers using mobile devices, kiosks and automated teller machines.

Apart from increasing its distribution channels and products, ensuring the affordability of its products and services is seen as a key to its bid for greater market share.

Based on Bangko Sentral ng Pilipinas data, remittances coursed through banks grew by 6.3 percent last year. Doris C. Dumlao

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Banking , Business , economy , MoneyGram , News

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Gunmen kill 20 at Sudan UN base–US envoy
  • S. Korea ferry rescue stalls as anger spreads
  • Sub dives deeper in hunt for missing MH370
  • US urges Myanmar to ease tensions
  • Little known jihadist group vows new Egypt attacks
  • Sports

  • Can Spurs get back at Heat? Can they survive West?
  • Hopkins, 49, seeks win for the ageless
  • LeBron still No. 1 with NBA’s most popular jersey
  • Pacquiao back in PH, heads home to wife, kids
  • Vietnam pulls out of hosting Asian Games due to lack of funds
  • Lifestyle

  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Entertainment

  • Singer Chris Brown’s bodyguard on trial in DC
  • Whoopi Goldberg debuts as marijuana columnist
  • ‘X-men’ director accused of sex assault on teen boy
  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Business

  • Barbie doll has a problem
  • Oil prices mixed ahead of long Easter weekend
  • US stocks end mostly higher after earnings deluge
  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • Technology

  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Filipina Maryknoll sister honored for years of service
  • Malaysia quarantines 64 villagers over MERS virus
  • Marketplace