Under the new mandate, the US bank will specifically target overseas Filipino workers in the US and Canada who are paying monthly mortgages for properties they have bought from RLC.
The bank says its cash management service will help RLC improve its efficiency in monthly collections globally, via wire transfers, cheques or over-the-counter.
ôOverseas Filipino workers used to postdate their mortgage cheques up to two, three or even five years,ö says Patrick Saw, head of corporates, Southeast Asia at JPMorgan. ôThis posed a problem for RLC because clearing a...
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