Metrobank has signed a remittance tie-up with the National Commercial Bank of Saudi Arabia to bolster its presence in the Middle East.

NCB is Saudi Arabia’s first bank and is the largest in terms of capital both in Saudi Arabia and in the Middle East, with paid-up capital of over $1.6 billion.

Under the remittance service agreement, Metrobank will be the fulfillment partner of NCB for its Philippine-bound "NCB-QuickPay" transactions. Remittance transactions will originate from overseas Filipino workers in Saudi Arabia, to be distributed by Metrobank to the respective beneficiaries here in the Philippines.

The modes of payment are credit-to-Metrobank accounts, cash pick-up transactions at Metrobank branches, and door-to-door cash delivery.

"This partnership with NCB will strengthen Metrobank’s presence in the Middle East, particularly in Saudi Arabia. NCB is a major player in the area and with this tie-up we are confident we can increase our penetration in the region," said Carmelita Araneta, executive vice president and international offices and subsidiaries group head of Metrobank.

The Bangko Sentral ng Pilipinas reported that remittances from overseas Filipinos tallied $2.5 billion in the first two months of the year, up by 16 percent from last year.

The BSP forecasts remittances to reach $15.7 billion this year from $14.5 billion last year. Saudi Arabia and the United Arab Emirates remained among the Philippines’ major sources of remittances, along with the United States, the United Kingdom, Canada, Japan, Singapore and Hong Kong.