LBC Expands Its Remittance Locations

LBC Express, Inc., the country's leading cargo and courier and money remittance company, is strengthening its remittance presence in the Philippines and abroad through local and international partnerships, with a goal of increasing its remittance locations by 1,000 worldwide by 2013.

LBC's partnerships in 2012 increased the company's total locations to over 3,400 worldwide. Its local presence of over 1,000 branches has been reinforced with additional 1,600 locations agent partners nationwide. Meanwhile, its 14 international fulfillment partners add 794 more network locations, with 253 in the Middle East, 288 in Europe, 107 in Asia Pacific, and 146 in North America.

In July of this year, almost 1,600 new partner branches including its sub-agents were added to the LBC network in Visayas and Mindanao with the signing of Palawan Pawnshop. The reciprocal service agreement makes LBC's Instant Peso Padala (IPP) service available at over 700 Palawan Pawnshop branches and 900 of its sub-agents, while the latter's Express Pera Padala will likewise be serviced at LBC branches.

LBC also signed agreements earlier this year with local financial institutions with a strong international presence in key areas, such as Metrobank, Land Bank of the Philippines, and RCBC. International partners signed include Money Exchange in Spain; Philrem in the UK; Al Ghurair Exchange, Al Falah Exchange, and Speed Remit in the United Arab Emirates; TML Remittance Center and Placid Express in Malaysia; Far East Express and RJ Mart in Taiwan; and Manila Trading in Adelaide, Australia.

To reinforce its other services, LBC's latest partnership is an agreement with Meralco Bayad Center to accept over-the-counter bills payments at all its local branches. The alliance is expected to branch out into other businesses as both companies explore opportunities to strengthen each other's network.

Says LBC President, Fernando G. Araneta, "Strategic partnerships leverage the strengths of all parties involved, and for LBC in particular, opens different corridors and locations for us to accept remittances from all over the world. It also opens avenues for future business opportunities such as outward remittances from the Philippines, as well as tapping other nationalities worldwide."

The global fulfillment agreements involve partners acting as remittance agents for inflows to the Philippines, with LBC acting as the payout partner.

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