EastWest Bank launches SEA’s 1st multi-currency prepaid card

 Economy
Sep 292013
 

MANILA, Philippines – East West Banking Corp., the main banking unit of the Filinvest Development Corp. (FDC), is launching next week Southeast Asia’s first multi-currency prepaid card.

The multi-currency card can load up to six different currencies in just one card – US dollar, euro, British pound, Hong Kong dollar, Australian dollar and Japanese yen.

“Pay off your purchases cashless through point-of-sale (POS) terminals from all Visa-affiliated merchants abroad regardless of the currencies you loaded,” EastWest Bank said.

The pre-paid card will also be more secured as it is not linked to any of the client’s bank accounts.

Any purchases made through the prepaid card, Eastwest Bank said, would require the client’s signature .

One of the features of the card is that it has locked-in exchange rates.

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“Your exchange rate is locked-in for the currencies you’ve loaded. No need to worry about fluctuating exchange rates or to look for money exchange counters to give you the best deal on your rates. You can also withdraw local currencies from all VISA-affiliated ATM worldwide,” the bank said.

There is also no need to open a foreign currency denominated account.

Clients also need not worry about lost cards. “Worry no more about losing access to your funds while abroad as this comes with a companion card which you may use as an emergency card if you lose your primary card,” the bank said.

The card would also be easy to manage as it keeps track of load balances, view transaction details, view and print statements, change PIN and lock/unlock cards by logging in at the bank’s website.

It will also be economical to use the prepaid card as it has no foreign currency conversion fees, annual fees, minimum maintaining balance requirement, high initial deposit requirement, dormancy fees and other finance charges a usual card or travelers’ cheques may charge.

The card has an unlimited use and global recognition feature.

“EastWest Travel Money provides you with a convenient way to carry your money and make purchases without the bulky cash.  With over 30 million VISA-affiliated establishments and 350,000 online merchants worldwide, your cashless shopping options are virtually limitless,” said EastWest.

One Network Bank adds more branches

 Economy
Jun 192013
 
One Network Bank adds more branches

MANILA, Philippines – One Network Bank (ONB), one of the largest rural banks in the country with over P3 billion in assets, has added four more branches to keep its expansion program on track, its top executive said. ONB president Alex Buenaventura said the new branches are in San Enrique and Dingle in Iloilo City, two in Passi City, and Jordan in Guimaras. Buenaventura earlier said they would be adding 10 more branches and 55 extension offices within the next two years in Mindanao and in the Visayas, particularly in Panay Island. The bank currently has 94 branches and135 automated teller machines (ATMs). Buenaventura said they would also be introducing new point-of-sale (POS) debit cards and start efforts to engage in internet banking. At present, the bank has more than 615,000 depositors and some 98,2000 borrowers including the DepEd, local government units (LGUs) and barangays. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank’s assets, he said, stood at P20.8 billion while capital reached P3.3 billion todate. In the first three months of 2013, the Mindanao-based rural bank posted a 30-percent expansion in net income to P136 million from P104 million in the same period in 2012. Its loan portfolio rose to P 15.56 billion, which is 41 percent better compared to the first quarter of 2012. Loan expansion was reinforced by the deposit base, which grew 37 percent to P15.23 billion. Fee-based income, driven primarily by service fees on loans, rose 84 percent to P231 million. Non-performing Read More …

WHO calls for total ad ban as globe marks World No Tobacco Day Friday

 News
May 302013
 
WHO calls for total ad ban as globe marks World No Tobacco Day Friday

By Philip C. TubezaPhilippine Daily Inquirer 5:10 am | Friday, May 31st, 2013 MANILA, Philippines—The World Health Organization (WHO) on Thursday called for a comprehensive ban on all tobacco advertising, promotion and sponsorship as it marks World No Tobacco Day Friday. The WHO said the ban should include point-of-sale (POS) advertising or store sales promotions, the last refuge of advertisers still allowed in most countries where all other kinds of tobacco advertising have been banned. It said that children were exposed to POS advertising, since cigarettes were often sold near racks of candy and other items aimed at children. “As called for in the WHO Framework Convention on Tobacco Control, governments must comprehensively ban tobacco advertising, promotion and sponsorship,” said Shin Young-soo, WHO Western Pacific regional director. Aggressive “We must halt the tobacco industry’s aggressive marketing of its products, which cause addiction, suffering and millions of deaths each year,” he said. The WHO noted that after Hong Kong banned tobacco advertising in broadcast media, billboards and print media, it was found that brand recognition remained high at 30 percent to 64 percent among children whose families were nonsmoking because POS advertising and sponsorship were not controlled. To subvert marketing bans, the tobacco industry has shifted to forms of indirect advertising, such as sponsorship of sports or cultural events and viral marketing, including word-of-mouth, the WHO said. Leading cause The global organization warned that tobacco use was a leading cause of preventable death, killing nearly six million people every year around Read More …