MANILA -The Ayala Group’s Bank of the Philippine Islands (BPI) is partnering with one of the country’s biggest money transfer firms to expand its reach across the Philippines.
In a statement on Thursday, BPI said Palawan Pawnshop would be its newest remit-to-account partner.
“The partnership enables Filipinos to send money straight to a BPI account through Palawan Pawnshop’s over 3,000 branches nationwide with greater speed and convenience,” said the country’s third-largest lender.
“We are very glad to share with Palawan Pawnshop the very important goal of financial inclusion. This new arrangement, along with our prior collaboration ventures, truly makes the lives of our fellow Filipinos better by facilitating the delivery of funds from Palawan’s network via BPI’s network,” BPI head of institutional banking John-C Syquia said in a statement on Thursday.
This also comes as BPI moves to boost third-party banking partners as it rationalizes its existing branch network.
Last April, BPI head of consumer banking Maria Cristina “Ginbee” Go told the Inquirer they would cut branches to roughly 700 locations by the end of 2023 from more than 860 last year.
Palawan was started as a small pawnshop business by Bobby Castro and his wife Angelita in Puerto Princesa City in 1985. It eventually expanded to money remittance services via Palawan Express Pera Padala.
“By combining Palawan Pawnshop’s expansive reach and user-friendly platforms with BPI’s customer-centric approach, we will be able to realize our shared vision of making financial transactions more accessible, efficient, and secure for every Filipino, regardless of their location or circumstances,” Palawan Express Pera Padala vice president Lisa Lou Castro-Sabado said in the same statement.
“We firmly believe that this partnership will empower more Filipinos to achieve their financial goals and strengthen their connections with their loved ones,” she added.
Cash remittances from Filipinos working overseas is a key pillar of the Philippine economy. According to the Bangko Sentral ng Pilipinas, personal remittances reached a record high of $36.14 billion last year, up 3.6 percent.