Paymaya Philippines Inc., the online financial services arm of PLDT Inc. and Smart Communications Inc., is looking to grow its mobile remittance business by 14 percent this year—double the remittance industry average yearly growth rate of 7 percent—by adding at least 1,500 Smart Padala outlets this year.
Lawrence Ferrer, Vice President and country director of PayMaya’s domestic business segment, said at the sidelines of Smart Padala campaign launch late Wednesday that the company plans to double the growth of its mobile remittance business through Smart Padala from the 7 percent yearly growth of the local remittance industry.
“When you take a look at the industry, the growth rate is about 7 percent. In our case, we want it more or less doubled. We are gearing towards encouraging a lot of urban Filipinos to use our services to send money to the provinces,” Ferrer said.
“The plan is to add, at the very least, another 1,500 [centers]by end of the year…Our goal is to increase our presence in the Visayas and Mindanao area,” he added, explaining that the planned 1,500 centers are in addition to the 15,000 Smart Padala centers to date.
The PayMaya president said the company expects the industry to sustain its 7 percent growth rate as long as the country sustains its 6 percent to 7 percent economic growth.
“If the whole economy sustains its growth rate, I think the 7 percent [remittance industry growth]is a realistic target. I don’t have any indication that it will go down. At the very least, we will maintain that,” Ferrer said.
He said the remittance sector growth is dependent on the economic growth, asserting that increased investment in infrastructure and economic activity will always spur sending money both locally and internationally.