SUPERMARKET-chain operator Puregold Price Club Inc. has gained stockholders’ approval to expand its business to include remittance services for overseas Filipino worker-customers.
In a disclosure to the Philippine Stock Exchange on Monday, the company said 79 percent of its total outstanding capital stock or close to 2.19 billion shares voted for a proposed amendment to Puregold’s Articles of Incorporation (AOI) last December.
The amendment is for Puregold to act as a remittance agent as one of its main businesses.
Under the law, any amendment in a company’s AOI needs the approval of shareholders representing at least two-thirds of the company’s outstanding capital stock.
The amended AOI enables Puregold to let its OFW customers to allocate their remittances for specific expenses, such as grocery items, tuition fee, bill payments, as well as the amount that the recipient may claim as cash.
The inserted amendment states: “To act as Remittance Agent that offers to remit, transfer, or transmit money on behalf of any person to another person and/or entity as defined in the Bangko Sentral ng Pilipinas, Circular 471, Series of 2005.”
Called “PurePadala,” the supermarket chain has introduced its new service in its Facebook account as early as July last year.
At the time, Puregold President Vicente Co said that unlike other remittance services, under “Pure Padala” the sender can specify how much of the amount sent will be used for grocery shopping at any Puregold store; payment for utility bills, credit card dues, and tuition; and how much a recipient can encash.
“The service is a way to help assure overseas Filipino workers that the money they are sending back home would be spent wisely,” Co said.
The sender can also exclude some items in the grocery list, which he or she is not willing to spend on for his or her family, such as alcoholic drinks and cigarettes.
Powered by Globe Telecom’s G-Cash, PurePadala will be in Puregold’s 239 retail stores in the country, and will be available across the company’s 57 remittance partners in 27 countries.
Puregold’s newly incorporated business also features “Negosyo Package” worth P10, 000 to P20, 000, wherein OFWs can send to finance a small business for their loved-ones like a sari-sari store.
Recipients can claim their remittance by presenting a text message confirmation before any Puregold customer service counter. They would then be issued a confirmation receipt to be honored at various bill payment centers, including schools for tuition fee payments.
Puregold intends to increase its grocery chain by 50 percent from 2015 to 2019.