MANILA, Philippines – Following the acquisition of the Aboitiz Equity Ventures (AEV) in mid-2015, PETNET is set to grow its services beyond remittances as it launched one-stop shop payment center, PERA HUB.
“PERA HUB will serve as the vital channel through which AEV can add value to PETNET’s strategy to organically grow and to potentially consolidate the market from money transfer to other financial services,” Aboitiz Equity Ventures Chief Corporate Services Officer Susan Valdez said in her opening remarks at the Pera Hub launch on Thursday, May 19.
Aside from overseas remittances, Pera Hub is geared to grow its loan services, especially with its partnership with City Savings Bank. All outlets will now be an outsourced “front desk” of the latter, which would provide local customers the access to Department of Education (DepEd) Salary Loan and GSIS (Government Service Insurance System) pension loan programs.
“We had an average of 1700 to 1800 loan transactions a month in the past year and with these new services, we see that number growing, especially that we aren’t only focusing on overseas workers but local customers as well,” PETNET President Lorenzo Ocampo told reporters on the sidelines of the presser.
Serving the underserved
The largest agent network of Western Union in the Philippines, Petnet started rolling out PERA HUB in select locations at the first quarter of the year and is expected to complete its 2,100-network by July 2016.
Ocampo also said it has been expanding in the Mindanao region in the past year, as it remains an “underserved market.”
The move makes PERA HUB a close competitor of other established payment service centers, Palawan Pawnshop Pera Padala and Cebuana Lhuillier Pera Padala.
Still, Ocampo is confident it can edge out competitors with its strong network branches and brand values.
“We can always release larger amounts of money and we have international standards in terms of security so we make sure the money gets to the right person. If in terms of lower bands of money transactions at P500 ($10.67) below, I don’t think that’s our market,” Ocampo said.
Other services that would be available in the outlets are: Pera Palit (money changing); Pera Travel (ticketing service for Philippine Airlines and Cebu Pacific); Pera Pay (cash payment services); Pera Protect (micro insurance service under Accident Protect), and Pera Load (e-loading services for telecommunications networks).
Elyssa Christine Lopez is Entrepreneur.com.ph's editorial assistant / staff writer. Follow her on Twitter@elyssalopz.