Source: From an article by Paolo G. Montecillo for The Philippine Daily Inquirer
GLOBE TELECOM INC. has secured regulatory approval to build the biggest remittance network in the country, using the company’s 18,000 prepaid loading stations, such as convenience stores and food establishments, throughout the country.
Globe yesterday said in a statement that the Bangko Sentral ng Pilipinas’ Monetary Board recently approved the request of Globe subsidiary G-Xchange Inc. (GXI), to use the telco’s subdistributors as GCash outlets.
“Our distribution system is one of our most valuable assets and combined with our current GCash network of partners will help us significantly expand our efforts to provide a vehicle for financial inclusion to more Filipinos all over the country,” said Ernesto Cu, president and CEO of the telecommunications unit of Ayala Corp.
Promoting the use of electronic money applications such as GCash has been a major initiative in the government’s effort to lower the cost of remitting money to the Philippines.
The expanded GCash outlet network supports the delivery of money transfers from abroad through GXI’s 744 international partner outlets in 30 countries.
Remittances from the country’s eight million overseas Filipino workers (OFW) make up about a tenth of domestic output.
With the approval, Globe said it would be able to turn their sub-dealers into virtual automated teller machines, where GCash subscribers could deposit or withdraw money in their accounts.
Due to the country’s geographical characteristics, three out of every four Filipinos, have limited access to banking services, Globe said. But with GCash now widely available, people in far-flung areas may be able to withdraw remittances, settle household bills and pay for everyday services.
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