A top executive of the country’s leading and most trusted pawnshop and remittance firm, Palawan Group of Companies, said they are not discounting the possibility of selling or sharing stock to the public or ushering initial public offering, a fact, he said, stressing that has been a part of their plans for the last 40 years.

“Having an IPO is a constant discussion, as well as debated within the board and our family. It’s always on the table. I would say in the next couple of years, but I cannot say a definite time frame. It is being discussed. Whether we do it or not, I cannot commit yet,” said Karlo Eugene Josef Castro, president and CEO of Palawan Group of Companies, in an interview on the sidelines of the “Ikaw Pa Rin ang Number 1” event at the New World Makati on Wednesday.

He said that for this year, Palawan will finish opening roughly 200 physical branches throughout the country as they are very aggressive on it; however, there will be fewer openings in 2026.

Bullish, ambitious

“We are very bullish and ambitious. A lot of our services are growing, even during the pandemic. The pawnshop is growing double-digit, as our jewelry sales are increasing. Palawan Credit is quite new, now in its 2nd year, but it’s doing very well. Our Palawan Pay, launched in 2021, already has close to 22 million registered users and counting. We are launching new services every month,” Castro explained.

Further, he said, Palawan Business to Business services are growing as the company is embracing digitization in full throttle.

“We are (actually) servicing over 1,000 companies, whether collections or disbursements. Our microinsurance, as well, is, I would say, democratizing insurance in the Philippines as we are offering insurance both available over the counters in our branches and also online. We are very bullish and we believe we have a good plan for the next five years,” Castro maintained, although he is not discounting changes, as the business is dependent on the market environment of the country.

Brick-tech approach

Castro said opening more branches is a combination of brick-and-mortar and technology.

“The combination of the physical branches and the network, as well as the agents, partners in the cash-in and cash-out shops. So, it’s multi-faceted. The goal for the expansion is to be present everywhere in the Philippines. If you look at our network, we are not just present in cities but also in far-flung areas or barrio level. But we are also expanding digitally,” he said.

He stressed that Palawan Pay is a big part of the future of Palawan Group.

“We are also present in other online channels, even in the online shopping channels, you’ll be surprised, we do some business there,” he added.