Forty years ago, a single pawnshop opened its doors in Puerto Princesa, Palawan, with a simple but powerful mission: to make financial services affordable and accessible to the local community. What began as a humble family business founded by spouses Bobby and Angelita Castro has since grown into the Palawan Group of Companies, a nationwide powerhouse trusted by millions of Filipinos, or “sukis” as they affectionately call their customers.
This isn’t just a business story; it’s a testament to the power of a legacy built on trust, empathy, and a deep-seated commitment to the Filipino people. In a world where financial services can often feel complex and distant, the Palawan Group has thrived by staying true to its roots and its promise of “mura, mabilis, at walang kuskos-balungos na serbisyo”—affordable, fast, and hassle-free service.
From a Single Pawnshop to a Multi-Service Empire
The Palawan Group’s journey from a single pawnshop in 1985 to a multi-service brand with over 70,000 branches and outlets today is a remarkable feat. It’s a story of grit, perseverance, and a constant evolution to meet the changing needs of its customers.
“We didn’t start this journey with big capital or grand ambitions; we simply wanted to help,” recalled Bobby L. Castro, the company’s founder and chairman. This customer-first mindset is what fueled the early growth, turning every client into a loyal “suki.”
Over the years, the company expanded far beyond pawn brokering and domestic remittances. Today, its ecosystem includes a robust suite of financial services under different brands:
- Palawan Pawnshop remains a leader in pawning, known for its reliable service.
- Palawan Express Pera Padala has become the country’s number-one remittance brand, connecting families across the archipelago.
- Palawan Pawnshop Jewelry and Palawan Gold provide accessible options for high-quality jewelry and investment-grade gold.
- Palawan ProtekTODO offers affordable microinsurance, making vital protection accessible to everyday Filipinos.
- Palawan Credit provides small and medium-sized enterprises with accessible financing solutions.
This diversification isn’t just about growth; it’s about building a comprehensive support system that addresses the different financial needs of its customers at every stage of their lives.
Embracing Innovation with a Human Touch
While many companies struggle to balance tradition and technology, the Palawan Group has successfully navigated the digital era with what it calls its “BrickTech” model. This approach seamlessly integrates its extensive physical network with digital solutions, ensuring no Filipino is left behind in the country’s shift toward financial technology.
The launch of PalawanPay in April 2022 was a bold move into the digital space. It has since become one of the fastest-growing e-wallets in the Philippines, with over 21 million users. The app brings essential services like remittances, bills payment, and e-loading directly to users’ smartphones, all while maintaining the trusted, affordable service the brand is known for.
“Innovation is key to staying relevant, but our foundation will always be trust, affordability, and service with heart,” said Karlo M. Castro, the company’s CEO.
This dual focus on cutting-edge technology and core values is the secret to the Palawan Group’s enduring appeal. Whether a customer prefers to transact in person or online, they receive the same level of care and convenience that has defined the company for four decades.
As the Palawan Group looks ahead, its vision remains clear: to champion financial inclusion and empower more Filipinos through a digitally connected ecosystem. With plans to strengthen PalawanPay and introduce new customer-centric features, the company is set to write the next chapter of its story—one that continues to put the Filipino first, just as it always has.
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