By Benjamin Cuaresma
MANILA — The Bank of the Philippine Islands (BPI) has expanded its agency banking program by allowing customers to make free cash deposits and withdrawals through cashiers at participating supermarkets, convenience stores, pharmacies, pawnshops, and department stores nationwide.
The initiative, launched on Wednesday, is part of the bank’s effort to make banking services more accessible while reducing congestion at its physical branches.
BPI said more than 1,300 partner outlets have already been integrated into the system, enabling customers to deposit or withdraw funds simply by presenting a barcode generated through the BPI mobile application.
The bank has also partnered with over 7,000 retail locations across the country where customers can open new bank accounts and apply for BPI credit cards through trained store cashiers.
BPI President and Chief Executive Officer TG Limcaoco said the expansion is designed to bring banking services closer to where Filipinos shop and conduct their daily activities.
“About half of the transactions in our branches are still deposits and withdrawals. By bringing these services to partner establishments, we can decongest our branches while making banking more convenient for our clients,” Limcaoco said.
According to BPI, the service is expected to benefit customers who live far from bank branches or those who find visiting traditional banking offices inconvenient. Because some partner convenience stores operate around the clock, customers may also access basic banking services beyond regular banking hours.
Rally Jereza, head of BPI’s Agency Banking Division, said the goal is to integrate banking into Filipinos’ everyday routines.
“We want banking to become part of daily life rather than a task people have to plan for,” Jereza said.
The expanded service is also expected to provide significant benefits to Overseas Filipino Workers (OFWs). Family members in the Philippines can now withdraw funds from participating partner stores using a barcode generated and sent by their relatives abroad, eliminating the need for traditional remittance services and their corresponding fees, provided the transaction is completed within the prescribed validity period.
Finance Secretary Frederick Go welcomed the initiative, describing it as a major step toward expanding financial inclusion and reducing transaction costs for ordinary Filipinos.
Go also praised BPI’s recent decision to eliminate fees for InstaPay and PESONet fund transfers, expressing hope that other financial institutions would adopt similar customer-friendly policies.
“We only need one major player to move first, and the market follows. With LandBank and BPI leading the way, we are building a more inclusive digital economy where every Filipino can participate and benefit,” Go said.
Despite the expansion of agency banking, BPI assured customers that its branches and automated teller machines (ATMs) will continue operating. The bank also announced plans to increase the number of partner establishments and expand coverage to more communities nationwide.
Customers may check BPI’s official website and social media platforms for the complete list of participating partner stores offering the new services.
ia/xf
