Puregold ventures into remittance business with Pure Padala

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Puregold ventures into remittance business with Pure Padala
The service gives Filipinos overseas the power to allocate their remittances for specific expenses, exclude items from a grocery list, and set the amount that can be encashed

MANILA, Philippines – Remitting groceries to your relatives can now be done through retailer Puregold Price Club Incorporated’s new remittance venture.

Puregold president Vincent Co said unlike other remittance services, under “Pure Padala,” the sender can specify how much of the amount sent would be used for grocery shopping at any Puregold store or 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 (OFWs) that the money they are sending back home would be spent wisely, the newly-appointed president said in a briefing on Wednesday, July 8.

Aside from having the power to allocate the amount to be earmarked for specific expenses, and how much could be encashed, the sender can also  specify the exclusion of alcoholic beverages and cigarettes in the recipient’s grocery list.

‘Negosyo’ package

The remittance service also offers a “negosyo” (livelihood) package worth P10,000 ($221.33) to P20,000 ($442.72), which OFWs can send to their families for them to start a small business, like a sari-sari or small retail store.   

For the recipients to claim their remittance, they should present the text message confirmation to the Puregold customer service counter. They would be issued a confirmation receipt to be honored at various bill payment centers, including schools for tuition and fee payments.

Powered by Globe Telecom’s G-Cash, Pure Padala will be in Puregold’s 239-strong retail network in the country, and will be available across the company’s 57 remittance partners in 27 countries.

Co sees Pure Padala as a big contributor to Puregold’s business in two to 3 years, as number of Filipinos abroad grows and the amount of money they send home increases.

Puregold of Lucio Co-led Cosco Capital Incorporated aims to grow its grocery chain by 50% from 2015 to 2019. It is already in final negotiations to acquire an unnamed grocery chain for about P800 million ($17.71 million) to P1.4 billion ($30.99 million), depending on the final valuation. (READ: Puregold about to close deal with supermarket chain) Rappler.com

$1 = P45.17

Puregold image from Wikipedia; consumer signing transaction receipt image via Shutterstock

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