- Category: Banking & Finance
09 Dec 2012
LBC Express Inc., the country’s leading cargo, courier and money-remittance company, is strengthening its remittance presence in the Philippines and abroad through local and international partnerships, with a goal of increasing its remittance locations by 1,000 worldwide by 2013.
LBC’s partnerships in 2012 increased the company’s total locations to over 3,400 worldwide. Its local presence of over 1,000 branches has been reinforced with additional 1,600 locations through its agent-partners. Meanwhile, its 14 international fulfillment partners added 794 more network locations—253 in the Middle East, 288 in Europe, 107 in Asia Pacific and 146 in North America.
In July 2012, almost 1,600 new partner-branches, including its sub-agents, were added to the LBC network in the Visayas and Mindanao with the signing of a reciprocal-service agreement with Palawan Pawnshop. This deal makes LBC’s Instant Peso Padala (IPP) service available at over 700 Palawan Pawnshop branches and 900 of its sub-agents, while the pawnshop’s Express Pera Padala will also be serviced at LBC branches.
LBC also signed agreements earlier this year with local financial institutions with a strong international presence in key areas, such as the Metropolitan Bank & Trust Co. (Metrobank), Land Bank of the Philippines (LandBank) and the Rizal Commercial Banking Corp. (RCBC). International partners that signed deals with LBC include Money Exchange in Spain; Philippine Remittances or Philrem in the United Kingdom; Al Ghurair Exchange, Al Falah Exchange and Speed Remit in the United Arab Emirates; Technology Marketing Link or TML Remittance Center and Placid Express in Malaysia; Far East Express and RJ Mart in Taiwan; and Manila Trading in Adelaide, Australia.
To strengthen its other services, LBC’s latest partnership is an agreement with the Meralco Electric Co. Bayad Center to accept over-the-counter bills payments at its local branches. The alliance is expected to branch out into other businesses as both companies explore opportunities to strengthen each other’s network.
“Strategic partnerships leverage the strengths of all parties involved, and for LBC in particular, opens different corridors and locations for us to accept remittances from all over the world. It also opens avenues for future business opportunities such as outward remittances from the Philippines, as well as tapping other nationalities worldwide,” LBC President Fernando G. Araneta said.
The global fulfillment agreements involve partners acting as remittance agents for inflows to the Philippines, with LBC acting as payout partner. The remittance inflow market to the country is worth $24 billion, an increase of 5.5 percent over 2011, according to the latest World Bank data.
“LBC is judicious about choosing the right partners for the right locations, especially in Europe, the Middle East and the Asia Pacific, where we are looking to strengthen our presence. Our goal is not only to reinforce LBC as the preferred remittance, cargo and courier-service provider of Filipinos; we want to make our mark as a purely Filipino company providing a much-needed service to the world,” Araneta said.