I bank with Banco De Oro and have observed over the past 6 months how aggressively they’ve been developing banking services for OFWs. Their flyer reads:

BDO Asenso Kabayan
Laging Maaasahan, kahit saan

Here’s a quick rundown of their services:

  • BDO Kabayan savings – Peso or US Dollar account, Passbook and International ATM Card, as low as P100 initial deposit, easy way to receive remittance.
  • BDO Remit – Cash Pick-up at BDO Branches, SM Dep’t stores, BDO Onsite Service Outlets, Rural Bank Partners.
  • BDO Remit Cash Cards – Online remittance, Available 24/7, withdraw from 3,000 ATMs of BDO, Expressnet and Megalink
  • BDO Kabayan Loans – BDO Kabayan Home Loan, BDO Kabayan Auto Loan, BDO Kabayan personal Loan (capital for business or emergencies)
  • BDO Kabayan Homes – housing for as low as P3,700 around Angono Rizal, Cavite, Laguna, Quezon City
  • BDO Kabayan Bills Bayad – Pay bills from other countries, gives the OFW control over Philippine-household finances

It’s a good set of services. I also like the unified marketing of the services, it helps OFWs get a good quick glimpse of services available.

I’m especially pleased with BDO Kabayan Bills Bayad. It adresses a concern I wrote in a previous article, Edong’s Dreams – Mobile Services for OFWs.

Home Finance Management – enabling OFWs to pay school tuition fees or house bills or rent-to-own house payments *directly* instead of sending the money to Tito Boy who ends up making the videoke bar rich. To some extent, this is already happening as telcos allow OFWs in Hong Kong or Japan to load cellphones of relatives in the Philippines.

The BDO Flyer does not have specifics, though, about the BDO Kabayan Bills Bayad. Is it done over-the-counter at affiliate offices? Is it done online? What bills can the OFW pay for?

Keep it up, BDO. I’ll be watching out for more.

Contact BDO:

e-mail: callcenter@bdo.com.ph
website: http://www.bdo.com.ph/
BDO Call center: 631-800 (Metro Manila), 1800-10-6318000 (Free call outside of Metro Manila), +800-8-6318000 (Free call outside of the Philippines (IAC))

By the way, I’ve formulated a way for OFWs to control the Philippine-household finances. Tell you more about it in a future article. 😉

Documentary Requirements (added January 2008)

Documents required for all products:
– Completely filled out application form signed by client.
-Valid proof of identification
– Employment contract from current employer, Or latest certficiate of employment
– Or latest ITR and Audited Financial Statement (for self-employed/business entities)
– Remittance receipts/documents for the last 6 months or payslipfor the last 3 months

General credit criteria for All products:
– Open to OFWs and their beneficiaries, immigrants, Filipinos married to foreigners, former Filipinos with/without dual citizenship, foreign-based Filipinos
– 2 years continuous employment contract (depending on natore of work) or at least 3 consecutive years of lcoal business operation
– has at least 1 landline phone
– Borrower must have a Beneficiary/Loan Administrator/Suppliermentary in the Philippines
– Beneficiary/Loan Administrator/supplimentary must be living or working within BDO serviceable areas (30 km. radius from nearest BDO branch)

Specific Credit Criteria for Kabayan Home Loan and Auto Loan:
– Minimum monthly income of P50,000
– Ages 21-65 at the time of loan maturity

Specific Credit Criteria for Kabayan Personal Loan:
– Minimum monthly income of P10,000
– Ages 21-65 at the time of loan maturity
– For secured BDO Personal Loan: Should have a BDO CASA or Time Deposit of at least P15,000 or its dollar equivalent

ka edong
BDO boy, aka Piolo Pascual ;-p

eOFW is not related in any way to the companies featured in our articles except otherwise specified. We feature different companies for the information of our readers to help them better find services that suit their needs.

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