The Philippine Postal Corp. (PhilPost) said it’s ready to face competition with other money transfer providers in the country, as it grows its remittances networks domestically and abroad.
Postmaster General and Chief Executive Officer Josefina de la Cruz said PhilPost has started offering e-money services in August, which is an electronic remittance system that facilitates fund transfers through an instant payout process. “You can send money in real time.
It’s faster, cheaper and more secure compared to other financial service or money transfer service providers,” she said. The e-money service can interface with Universal Postal Union member-countries. “We have a tie-up with Post Italiani, our overseas Filipino workers [OFWs] can send money and will be charged with only €4 regardless of the amount to be sent,” she said. The charge is 50 percent lower than the normal fees. The Japan Post office charges our OFWs with only ¥2,500 transaction fee. “We have a strong partnership in 18 countries, where there are large concentrations of OFWs such as Saudi Arabia, Spain, Brazil, Japan and Korea. There were negotiations to launch it in United Arab Emirates [UAE] and Qatar,” she said. However, the transaction cannot be done in United States as its postal corporation would not allow e-money transfer. In the Philippines, she said, 20 out of 1,400 postal offices are ready for e-money service. The agency is now working with PLDT, Smart and Globe to better their services and be able to cater all offices nationwide. “Recipients can go to 20 postal stations in Davao, Cebu, Manila, and Baguio to claim their remittances. Definitely, before President Aqunio steps down, we will be able cover the entire country where we have postal services,” she said.