BSP approves CARD, Inc. as remittance agent

The Bangko Sentral ng Pilipinas (BSP) approved the application of Center for Agriculture and Rural Development (CARD), Inc. (A Microfinance NGO) to become a remittance agent starting 2019.

This initiative of CARD, Inc. adheres to the Microfinance NGO Act or Republic Act No. 10693 (RA. 10693), which allows microfinance institutions to operate remittance services provided that it follows the laws and regulations of (e) Money transfer and other related remittance services, in partnership with authorized agents and/or entities.

“This is another milestone in CARD’s journey to poverty eradication. We are happy because this initiative is a good start for us to provide affordable, fast, and easy remittance services to our clients,” said Jocelyn Dequito, CARD, Inc. Executive Director.

CARD, Inc. replicated the remittance service of its sister companies at CARD Mutually Reinforcing Institutions (CARD MRI), the CARD Sulit Padala. The CARD Sulit Padala is an in-house domestic remittance service of CARD where its clients can enjoy sending or receiving money from any CARD Bank, CARDE SME Bank, CARD MRI Rizal Bank, and now in CARD, Inc. offices nationwide. The CARD Sulit Padala of CARD, Inc. offers 1% remittance fee based on the principal amount sent.

CARD, Inc.’s CARD Sulit Padala was first rolled out in Balayan, Batangas; Baler, Aurora; Taft, Samar; Calbayog, Samar; Allen, Samar; Carmen, Cebu; Naga, Cebu; Cauayan, Negros Occidental; Bacolod, Negros Occidental; San Carlos, Negros Occidental; Bislig, Surigao del Sur; San Francisco, Agusan del Sur; and San Pablo City, Laguna.

Dequito also hopes to roll out the new service nationwide. “With our extensive operation nationwide, this service will make the remittance activity of our clients more convenient,” said Dequito.

CARD, Inc. covers 79 provinces, 1,064 municipalities, and 36,500 barangays nationwide.

Dequito also emphasized that the remittance service is made possible by its clients’ desire for CARD to become a remittance agent. “During our field monitoring, our clients are very vocal in sharing possible products and services that CARD could explore and this remittance service is one,” recalled Dequito.

“We then explored how this can become possible. Thanks to CARD’s management and member institutions for the support and of course for BSP, for giving us the go signal,” added Dequito.

CARD, Inc. is a social development organization established in 1986 that aims to eradicate poverty in the Philippines by providing microfinance and community development programs.