There are many thriving businesses today but not all have managed to create significant contributions in the country, let alone build an enduring legacy that touched the lives of many Filipinos.
Villarica Pawnshop is one of the family-run businesses in the country that has successfully embraced innovation and expanded through the challenges of time. Giving people in dire need and emergency situations a lease of hope for three generations, the growing Villarica enterprise celebrated 60 years of service and commitment in 2014.
Today, Villarica Pawnshop is proud to pave the way for a lot of innovations in the industry. It is among the first to open multiple branches, to professionalize the system, and to highlight its “Safe, Sure and Special” brand of caring to customers. Add to that, it was able to expand to more than 500 branches that are not only offering regular pawnshop services, but also offer money remittance, bills payment, cash withdrawal service, and e-loading, among others.
While Henry Villarica, president of Villarica Pawnshop and the bar top-notcher with a grade of 92.4 percent in 1971, is the gentleman behind the growth of the pawnshop chain, it was Paz Villarica, the family’s first-generation matriarch, who pioneered a humble business model that became one of today’s highly successful service-oriented enterprises.
Paz and her husband Quirino opened the original Villarica pawnshop in 1954 at 616 P. Paterno St. in Quiapo, Manila. At the time, pawnshops were traditionally family-owned — usually with only one to two outlets.
“First-generation pawnshop owners were not keen in opening branches as it is their way of keeping the business management within the family,” Atty. Villarica said. To pursue income growth even with limited funding, he vividly remembered his mother’s astuteness and creative business sense.
Paz, who was once a councilor in the Villarica’s Meycauayan hometown, navigated through it all, juggling her responsibilities as a wife, a political figure, and mother to three children.
“I credit my mom, she was the valiant spirit, the ‘brilliant diamond’ behind the pawnshop that many Filipinos have grown to trust. She was a pioneer woman-entrepreneur at a time when women were not given much opportunity. It’s from her guidance and example that I learned greatly and developed my passion for the business,” Atty. Villarica recalled.
Diamond in the making
After acquiring full ownership and management control of the business after the passing of his mother, Henry Villarica incorporated the business in January 1981. He leveraged the pawnshop’s potential with a fresh vision – through multi-branching. At that time, it was considered an ambitious plan but he nevertheless proceeded to open Villarica Pawnshops in strategic locations in the metro. The next year witnessed how his business strategy took off and it forever changed the pawnshop industry.
“With the population explosion and the emerging urban centers across the metro, we realized that we had to expand by opening various branches. It was challenging at first but we were ready to bring Villarica to a competitive level,” he said.
Thus in 1982, Atty. Villarica with the able assistance of his wife, now 4th District of Bulacan Rep. Linabelle Ruth “LV” Villarica, opened a second pawnshop outlet located in Makati inside their jewelry store called Tiffany House of Jewels. Rep. Villarica had no prior experience in the pawnshop industry but through hard work, perseverance, and the guidance of her husband who taught her the ins and outs of the business, she was able to become a valuable asset in the expansion. She also learned from the virtues of her mother-in-law who was very hands-on in the business.
Soon, after seeing the success, the couple then opened the third and fourth branches in Araneta Center in Cubao and in Caloocan, consecutively. Since then, business growth was unprecedented with more than 500 branches to date.
Fully committed to bring the company forward, the Villaricas supported the expansion ventures by professionalizing the business. They hired the best people, trained and invested in them. Soon, services were standardized, new hires were trained with the Villarica values, and a system of incentives for outstanding employees was put into place. Also with the advent of technology, the company improved its system of check and balance.
After 60 years, Villarica continues to serve as an inspiration and motivator. Together with 1,600 employees in over 500 branches all over the Philippines, the pawnshop chain has successfully diversified its operations.
“The company was able to grow stronger through the years because of our people. In fact, most of our employees are like ‘extended’ families to us, having been with the company for decades,” Henry Villarica said.
“There’s no better way to foster and cultivate trust, confidence and loyalty to the business than to understand the needs of your customers. A lot of our clients are under stressful conditions, so we try our best to treat each one of them with dignity, respect and a lot of patience,” he said.
As for the brand, Henry Villarica is proud to institutionalize company best practices which led to its consistent trustworthy reputation. “I believe Villarica’s continued success comes from good operations as we do not have any unfinished or unresolved transactions. We offer the highest, fair amount of appraisal for their items. We don’t short-change our customers,” he said.
Shining beyond its 60 years, Villarica said he is confident to pass the baton to his children who are armed with fresh ideas, knowing that they will steward the business to greater heights in the future.
