Philippine bank opens wire transfer center in Macau

7 March 2007

Manila, Philippines, 7 March – The Metropolitan Bank and Trust Company of the Philippines said Tuesday in Manila it would open a wire transfer center in Macau.

A statement from the bank said that it had been authorized by the Bangko Sentral Ng Pilipinas to set up wire transfer centers in Macau and California.

The Metropolitan Bank has nine branches and 23 wire transfer offices overseas, of which 11 are in Asia, specifically in Taiwan, South Korea, Japan, Hong Kong and Singapore.

“The Macau economy is expanding and attracting an ever greater number of foreign workers,” said the executive vice president of the bank, Carmelita Araneta.

Macau’s Philippine community totals some 8,000 people mainly working in security companies, restaurants and as domestic workers.

In 2006 Philippine residents abroad sent remittances to their country estimated at US$12.8 billion and the Metropolitan Bank dealt with around 22 percent of those.

In 2006 the Metropolitan Bank posted profit of some US$113 million. (macauhub)