MINDANAO's leading rural bank, One Network Bank (ONB), posted an increase of 18 percent in its total assets during the third quarter this year as compared to the same period last year.

The rural bank also posted an increase of 52 percent increase in remittances made by overseas Filipino workers for the third quarter.

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"Based on our assessment, there is no financial crisis in Mindanao," Alex Buenaventura, president of ONB, told reporters during the business forum at SM City's Medispa on Tuesday.

For the third quarter alone, a total of P100,635,555 worth of remittances was made through ONB and its partner payment companies abroad.

"This is P34.4 million more than what we had for the same period in 2008," Buenaventura said. "It's an increase by 52 percent compared to the P66.1 million we had during the third quarter of last year."

With increased OFW remittances, the ONB president said this can be translated to increase spending and consumption.

Moreover, Buenaventura said that what they have is but a small part of the total remittances that are made.

"We are not as popular as the stand alone remittance shops, and other non-bank remittance companies," Buenaventura said. "They have remittances ten times more than what we get."

At present, ONB is in partnership with Uniteller, RCBC, BDO, Moneygram, PNB, EPCI Xoom, I-Remit, DBP, Asian United Bank, SBTC, and Globe G-cash.

"There are also other partners that are in the pipeline, like BPI, Metrobank, Perihillon of the Philippine Business Bank, and LBC Bank," Buenaventura said. (CPM)