PNB adds Villarica Pawnshop in remittance network

MANILA, Philippines — Lucio Tan-led Philippine National Bank (PNB) has expanded its remittance payout footprint through a partnership with Villarica Pawnshop.

PNB continues to deliver a more convenient banking experience to its customers by growing its list of remittance and payout partners as part of its commitment to provide innovative financial solutions.

Under the partnership, remitters can conveniently send money with real-time credit through PNB’s wide international reach of over 70 overseas branches, representative offices, remittance centers, and subsidiaries across Asia, Europe, the Middle East, and North America.

The country’s fifth largest bank in terms of assets also has 707 branches and more than 1,240 ATMs strategically located nationwide.

On the other hand, beneficiaries in the Philippines could claim their remittances at more than 500 Villarica Pawnshop branches nationwide and take advantage of its longer business hours.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed personal remittances climbed four percent to $23.71 billion in the first nine months from $23.16 billion in the same period last year, while cash remittances coursed through banks inched up 2.5 percent to $21.29 billion from $20.78 billion.

Remittances usually fuel personal consumption helping sustain a steady economic growth. The amount of money sent home by overseas Filipinos usually account for 10 percent of gross domestic product (GDP).

Earnings of PNB soared 67 percent to P7.5 billion from January to September compared to P4.5 billion in the same period last year on the back of the strong performance of core businesses as well as higher non-recurring revenues.

As of end-September, PNB’s total consolidated resources went up nine percent to P910.7 billion, while total equity increased by P6.5 billion to P126.2 billion from 2017 year-end levels.