Puregold forges card deal with Metrobank

MANILA, Philippines—Puregold Price Club Inc. is offering small business members access to credit through Metrobank to complement its nationwide expansion, officers said at the convention for grocery chain members at the World Trade Center in Pasay City.

Puregold SVP Aida De Guzman said Puregold had started accepting applications for the credit card program, under which price club members get access to formal credit and earn rewards for their regular purchases at the grocery chain.

De Guzman said the growing disposable income of Filipinos amid domestic economic growth was driving demand for the products and services of Puregold.

Puregold has 185 stores and will open three stores in Davao province between June and August this year.

Puregold will also open branches in Cagayan de Oro, Butuan City and Bacolod City.

Puregold aims to open 25 new stores in 2013, mostly in Luzon.

Of the target 25 stores, Puregold already opened nine new stores (five hypermarkets and four supermarkets) in the first quarter, all in Luzon.

Newly acquired grocery chains were also renovated in the first quarter.

Puregold doubled its net profit in the first quarter of 2013 compared with that of a year ago as sales grew alongside the expansion of its store network while margins improved despite stiff competition.

In a disclosure to the Philippine Stock Exchange, the country’s second-largest supermarket operator said consolidated net profit in the first three months jumped by 105.3 percent year on year to P962 million.