Bank of the Philippine Islands is expanding its East Asian operations with the opening of a representative office in Japan, one of the top sources of remittances to the Philippines.
The BPI representative office is located in the Roppongi district of Tokyo, home to a big expatriate community, including a vast majority of Filipinos.
The location also hosts several foreign embassies, including the Philippine Embassy, and is also the site of several remittance and money-transfer branches with which BPI has partnered with, such as Speed Money Transfer Japan K.K. (SMTJ) and Japan Remit Finance (JRF).
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Roy Emil Yu, BPI senior vice president and remittance business division head at BPI’s global markets group said in a recent statement that the establishment of an office in Japan would “allow us to provide our hardworking countrymen … easy access to remittance solutions and other BPI services.
He added the move would also open more doors for BPI for future partnerships in and around the region.
“Our hope is to serve more Filipinos around the world,” Yu said.
Among the top 10 destinations of migrating Filipinos in 2012, Japan ranks the seventh, and is also one of the country’s biggest source of remittance flows.
The BPI office, which was launched on Oct. 29, will provide a fast and affordable way of sending money to the Philippines through BPI’s tie-ups with several remittance companies in Japan.
Through its representative office, BPI can address the primary concerns of Filipinos working and living in Japan by providing a presence in a key location while offering what it promises to be “affordable remittance fees, competitive exchange rates, a hassle-free remittance process, tellers who are fluent in both English and Filipino and fast transfer of funds to beneficiaries in the Philippines.”
Remittances can then be withdrawn at any of over 2,500 BPI automated teller machines nationwide with no charge. They can also be accessed through BPI’s network of more than 6,500 outlets and door-to-door delivery.
The new office is also expected to promote BPI in Japan’s financial community by acting as a point of contact to existing partnerships in the region. It also aims to continue pursuing initiatives with prospective tie-ups. Aside from SMTJ and JRF, BPI also has a partnership with Kyodai. Through these tie-ups, BPI is positioning itself to be a “reliable provider of secure automated solutions and multiple distribution services with highly professional front and back-end teams.” Doris C. Dumlao