The Palawan Group of Companies, one of the best success stories that unfolded in the local business setting, celebrated its 38th founding anniversary on August 17, 2023.
Founded by Bobby and Angelita Castro, the Palawan Group did not only become the most trusted pawnshop brand in the Philippines and in the remittance industry, it has also woven its story into the fabric of countless Filipino lives.
president and CEO Bobby Castro
“Our journey is all about continuous innovation and setting new industry standards. Our goal is to offer the very best products and services. But beyond innovation, the true heart of our success thrives within our company culture – the genuine kindness we show to each other, the genuine concern that we extend to our customers, the unwavering passion that fuels all our efforts, our steadfast commitment to honesty and integrity, and the profound love we hold for our company and the communities we serve,” said company founder Bobby Castro.
The Castros opened their first shop in Puerto Princesa City on August 17, 1985 with only P40,000, marking the beginning of a journey that would touch millions of lives.
Recognizing the pressing demand for pawnshop services, especially among the marginalized sectors, Bobby and Angelita decided to expand their business, introducing money remittance services under the sub-brand Palawan Express Pera Padala.
The new business unit became a lifeline for many Filipinos here and abroad, providing an affordable and efficient means of sending and receiving money. It started offering international money remittance, foreign currency exchange, e-loading, bills payment, SME loans, and accident insurance ProtekTODO.
With technology reshaping the landscape of transactions, they introduced PalawanPay, the fastest-growing e-wallet, addressing the evolving needs of their loyal customers.
The company’s expansion transcended geographical boundaries with over 10,000 branches and authorized agents nationwide. It has extended its reach to cities, municipalities, and remote towns aiming to empower the unbanked and underbanked.