MANILA, Philippines—Cash transfer firm i-Remit Inc. has expanded its local remittance network by signing a partnership with pawnshop operator Eight Under Par Inc., commonly known as Palawan Pawnshop.
“The agreement allows a tie-up of the two companies in effectively and efficiently distributing remittances originating from foreign sources, i.e., Filipino workers, immigrants and other nationalities abroad, to designated beneficiaries in the Philippines,” i-Remit told the Philippine Stock Exchange.
Palawan Pawnshop has been in the money remittance business since 2003. It is registered with and is subject to the regulatory and supervisory powers of the Bangko Sentral ng Pilipinas as a pawnshop, foreign exchange dealer/money changer and remittance agent. It has a network of more than 800 branches in 45 provinces nationwide.
I-remit, the largest Filipino-owned remittance company that is not affiliated with any bank, has been signing up partners here and overseas to boost its remittance business. i-Remit has presence in more than 24 countries and territories.—Doris C. Dumlao