Monday, 25 January 2010

PHILIPPINES: Globe to set up huge remittance network

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.

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