Western Union Secures Top Agents for Philippines Market
The Western Union Company has signed new, multi-year agreements with three of its top agents in the Philippines to offer Western Union(R) money transfer services. The three companies – Universal Storefront Services Corporation, e-Business Services Inc and PETNET Inc – together represent nearly 4,800 Western Union Agent locations in the country(1).
In addition, the company has increased its existing footprint with the addition of three new agents in the Philippines: Direct Agent 5 Inc., a consortium of consumer service enterprises; JP Tambunting pawnshops and Davao-based retail chain EMCOR Incorporated.
"The Philippines is a very important market for Western Union," said Mr. Ian Marsh, Executive Vice President, Asia Pacific, The Western Union Company. "Outside of the United States, it is second only to Mexico for inbound remittances and has tremendous growth potential as both a key receive and intra-country market."
The Philippines is the fourth largest receiver of remittances in the world, according to the World Bank(2). The Bangko Sentral ng Pilipinas (Philippines Central Bank) estimates that remittances from overseas will exceed USD 14 billion this year. There are currently over eight million Filipino workers overseas(3).
"Together, e-Business, PETNET and USSC, have 38 years of experience offering Western Union money transfer services. Their continued commitment to consumers, will be complimented by the addition of our newest Agent locations, creating even greater levels of convenience and choice for consumers, allowing Western Union to continue delivering on its promise of service quality," Marsh added.
About Western Union
Western Union, together with its affiliates Orlandi Valuta and Vigo, is a leading provider of global money-transfer services, providing people with fast, reliable and convenient ways to send money around the world, pay bills and purchase money orders through a network of more than 312,000 Agent locations in over 200 countries and territories. For more information, visit www.westernunion.com.
About E-Business Services Inc
eBusiness Services Inc.,(eBiz) a fully owned subsidiary of iVantage Corp., a publicly listed company, was Western Union's first network agent in Asia Pacific. With Western Union money remittance as its core business, eBiz completes its offering of financial services to its local communities with other services like mutual funds, money exchange services, Visa cash cards, Bayad Center payment system and cell phone loading stations. eBiz has a nationwide network of company-owned locations and sub-agents locations in almost every town and city of the country.
About Petnet Inc
PETNET was established in 1998 with a mandate to expand the Western Union network in the Philippines. Today, it has the largest network in the country in cooperation with 400 business partners including rural banks, pawn shops, business centers, money changers, co-ops, and supermarkets. PETNET has been recognized as the fastest growing Western Union agent for the Asia Pacific Oceania region for the last 2 years. It has also been cited for public service, being a key player in providing free heart surgery for indigent minors.
About Universal Storefront Services Corporation
USSC-owned stores branded as "RCPI" are strategically located nationwide to form an efficient distribution network that helps to meet the growing needs of the country's urban and rural communities. USSC's RCPI stores service customers of Western Union Money Transfer, Airline and SuperFerry Tickets, Prepaid Cellphone Load, Bayad Center, Domestic & International Fax, and Long Distance. The company has been an agent for Western Union Money Transfer for 12 years, winning the Western Union Asia Pacific Agent of the Year award in 2001 and 2003. It has also been the recipient of numerous sales awards from its airline and sea line principals.
(1) Network data as of September 1, 2007
(2) Source: World Bank Migration and Remittance Factbook June 2007
(3) Source: Data from December 2004 Estimates prepared by the Commission on Filipinos Overseas from CFO, DFA, POEA and other sources covering 194 countries/territories.
WU-G
SOURCE: Western Union
The Western Union Company
Angela Heng, +852 3405 8187 / +852 6050 6277
[email protected]
