COURIER company LBC Express posted revenues of P8.2 billion from its retail operations in 2014 as more overseas Filipino workers (OFWs) use its overseas operations as a means to send remittances and parcels to their loved ones here.
Officials of the company said on Tuesday that revenues from retail operations of LBC Express in 2014 grew by 12 percent year on year to P8.2 billion.
LBC Express’s operations abroad involve both courier services of balikbayan boxes and money remittances. It is the only local company that has both courier services and money-remittance services abroad, the others offering just either of the two services.
“One of our targets at LBC is to bring OFWs closer to their families back home. OFWs have become our modern-day heroes, and we understand the reasons behind every padala [remittance]. It’s to make those they leave behind happy. We would like to honor that by making sure they stay connected, wherever they are,” said Rene Fuentes, senior vice president for global retail operations of LBC.
Around 80 percent of the revenues earned by LBC in 2014 came mostly from courier services of balikbayan boxes, while the rest came from revenues from money-remittance services.
LBC Vice President Gerard Payaoan said that LBC handles around 55,000 balikbayan boxes during lean months and up to 100,000 balikbayan boxes during the brisk months of September to December. Despite the port congestion that the country suffered late last year, LBC said it continued to post a 99-percent sorting efficiency rate, and 95-percent on-time delivery rate.
Meanwhile, LBC Express Chief Marketing Officer Javier Mantecon said the LBC’s business solutions operations, or those services offered to corporations requiring logistics solutions, posted revenues totaling P1 billion in 2014, or a 39-percent growth from revenues from business solutions operations in 2013.
Mantecon said LBC may again grow revenues by double-digit this year.
3 comments
LBC express has impeccable record and gave the LBC name the golden luster of integrity. As to why they mismanage their bank is truly puzzling.
coz they enter a field that they don’t really know.. they open a bank for the purpose of easier remittance by asking OFW to open an account for better service. and or using their bank as escrow for some online transaction on OLX follow by the shipping service but they enter the bank loan business which they don’t really understand. . . if only they focus on their goals.. it would have been a great bank.
“If only they focus on their goals”…..Yes indeed!