• Petnet to expand lending to OFWs

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    Remittance and urgent cash transaction firm Petnet Inc., a newly acquired unit of Aboitiz Equity Ventures, is eyeing to tap overseas Filipino workers (OFWs) and more government employees to avail of its loan services.

    Theodore de Guzman, Petnet’s head of channel development group, said that its company aims to expand its loan services, which presently caters to public school teachers through the Government Service Insurance System pension fund.

    “We also want to tap overseas Filipino workers in regard to our loan programs. Right now, we are aiming to increase our loan feature’s share [to the revenue operations of Petnet]by tapping other government employees, OFWs and other gainfully employed customers,” de Guzman said.

    He explained that Petnet under its new brand, PERAHUB, could grant a loan of as low as P10,000 and as high as P900,000 per applicant, provided that all the necessary documentary requirements have been submitted.

    De Guzman said the loan term would be 36 months, and added that the interest rate could be as low as 12 percent per annum.

    “The loan application may be simultaneously approved and the amount released in just a matter of hours. That is assuming that all the necessary documentary requirements are fully complied with,” he said.

    The executive noted that at present, its loan feature accounts for an inconsequential share of its PERAHUB brand. Petnet is the largest agent network of Western Union in the Philippines.

    However, De Guzman vowed to widen the loan feature to as much as 50 percent of the business of PERAHUB come next year.

    “We also want to offer this product to other people not just to government employees but also to the OFWs, because it is a logical consequence of our market since they [OFWs] are our main clients through our remittance services,” he said.

    Meanwhile, Petnet President Lorenzo Ocampo said they are targeting to build up to 750 PERAHUB outlets by 2019 to 2020.

    At present, the firm has 406 outlets, and is adding 344 new branches by 2019-2020.

    The additional outlets entail an investment of about P172 million since Ocampo said it costs them about P400,000 to P600,000 to set up in each location.

    In addition to remittance services, PERAHUB also provides services such as bank loan processing, foreign exchange services, travel insurance, bills payment, airline ticketing, and e-loading.

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