Western Union Co., provider of global payment services, has diversified into business-to-business payments in the Philippines in collaboration with Petnet Inc., which operates the Western Union agent network in the country.
Western Union business solutions will provide cross-border and foreign exchange solutions for small and medium-sized enterprises in the Philippines, enabling them to efficiently pay for imported goods and services in more than 140 currencies, to over 200 countries and territories 24/7.
“SMEs are the backbone of our economy, comprising 99 percent of all businesses in the Philippines and providing two-thirds of all jobs in the country. They form the fabric of all communities, yet the odds are often stacked against them,” said University of Asia and the Pacific senior vice president Bernardo M. Villegas in his keynote address at the recent launch of the new service.
“This is a very exciting new initiative from Western Union and Petnet, one that helps remove operating barriers and increases competitiveness for small business owners,” Villegas said.
Patricia Riingen, Western Union senior vice president for the Pacific and Indochina, said, “individual consumers in the Philippines have been enjoying the benefits of Western Union’s fast, reliable and convenient money transfer services for more than 20 years. Introducing Western Union business solutions to the Philippines represents yet another significant corporate milestone, as we extend our services beyond consumers to include cross-border payments and foreign exchange solutions.”
The business solutions, Riingen said, could make faster payments, thereby reducing inventory costs and increasing a company’s ability to respond to market changes through faster delivery of products.