Western Union seeks local partners to expand Philippine money transfer network

Money transfer giant Western Union is seeking more local partners to expand its remittance network in the Philippines.

The company is banking on strong remittances from overseas Filipinos.

"Our model ... now is we work with our agents to expand distribution. We encourage our agents to scout the market and look for partners if it makes sense for our corporate strategy," Jeffrey Navarro, country director of Western Union in the Philippines, told reporters in a briefing in Makati City on Thursday.

Western Union was able to add 1,200 agent locations in the Philippines—on top of its 5,900 shops—by establishing partnerships with LBC Express Inc. and PETNET Inc. starting in January 2017.

Bangko Sentral ng Pilipinas data showed remittances from overseas Filipinos totaled $2.8 billion in August, up 9.4 percent. This brought the remittances to $20.7 billion in the first eight months of the year, up 6.4 percent year-on-year. — VDS, GMA News