Puregold diversifies into remittance business

Retailer Puregold Price Club Inc. is diversifying into the remittance business, which is seen to contribute significantly to the company’s revenue in two to three years’ time.

Newly appointed Puregold president Vincent Co said in a briefing Wednesday that “PurePadala” would be an additional service that could potentially position the company as a “one-stop-shop” supermarket chain.

“It’s a new service for Puregold as we seek to tap the growing remittance business. But I challenged our team here because I don’t want to go into the remittance business just for the sake of going into it, we should have innovation,” said Co, son of Puregold chair Lucio Co.

The younger Co said the difference between Puregold’s remittance services and those of other remittance companies is that overseas Filipinos would be assured that the money they were sending to their loved ones would be spent properly.

The sender could specify how much of the amount being sent would be earmarked for groceries, which could be used at any Puregold store,  utility bills, credit card payments, tuition; and how much should be encashed. The sender could even specify the non-inclusion of alcoholic beverages and cigarettes in the recipient’s grocery list.

Also included in this remittance service is a “Negosyo package” worth P10,000 to P20,000, which OFWs can send to their families, who are looking to start a small sari-sari store business. This service can also be used by those wanting to send money to their families in the provinces.

Co explained that the remittance recipient would receive a text message that should be presented to the Puregold customer service counter, which in turn would issue a confirmation receipt that would be honored at various bill payment centers and even schools. This service, powered by G-Cash, will be in its 239-strong retail network in the country, and will be available across the company’s 57 remittance partners in 27 countries.