MANILA, Philippines — Global money transfer company MoneyGram is bullish that the Philippines can be the third largest ‘remittance received’ market in the world as remittance from the 8.2 million overseas Filipino workers (OFWs) worldwide is expected to increase this year.
This was shared by MoneyGram International executives during the launch of the company’s ‘Moneygrado’ campaign, a global marketing drive specifically aimed to reach the Filipinos living around the world, not only geographically, but through messages and initiatives that are culturally and emotionally relevant.
According to World Bank’s Migration and Remittances Factbook, the Philippines is the fourth largest ‘remittance received’ market in the world. “We want to take it to third place,” shares Vice President for Asia Pacific Nick Cunnew. With a global network of more than 267,000 agent locations, MoneyGram is set to expand its presence in the country to address the growing remittance market in the Philippines.
“Across the Philippines, and in key markets around the world, this new campaign will reinforce to the Filipino community that MoneyGram understands the important role that money transfers play in helping families stay connected,” says MoneyGram EVP and Chief Marketing Officer Juan Agualimpia. “We plan to heighten awareness of the safe, reliable, and convenient services that MoneyGram offers to Filipinos including the 8.3 million Filipinos living abroad, whether sending or receiving funds.”
The company aims to be “the preferred global network for consumers and businesses that send and receive funds.” Agualimpia believes that they are well-positioned here in the country as evidenced by the fact that the Philippines, together with India, exceeded 40 percent increase in received transaction.
MoneyGram continues its growth with more than 9,000 agent locations added in 2011 alone.
Its $1.25 B revenue for the whole year of 2011 is a seven percent increase from previous year’s $1.17 billion.
Its EBITDA also grew 42 percent with a 2011 figure of $264 million.
It is also tapping the Filipino seafarer sector as it looks for ways to provide efficient service for them.
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By: Irene Fernando
Source: Manila Bulletin, March 22, 2012
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