Lhuillier eyes 500 outlets in 5 years

By Ayen Infante

02/27/2009

Non-bank Cebu-based financial services firm M. Lhuillier Financial Services Inc. plans to spend P2.5 billion more in the next five years to set up 500 additional outlets nationwide, an aggressive expansion plan that was pushed by the company’s decision to team up with the world’s next largest money transfer company, MoneyGram International (NYSE:MGI).

Company vice president Michael Lhuillier said that with MoneyGram as its new business partner, people here and abroad will be given the best alternative.

“There are millions of Filipinos abroad who constantly send money back to the Philippine for their loved ones, by providing MoneyGram money transfer services and multiple currency payouts in our vast locations across the Philippines will enable their receivers to claim their money quickly, conveniently and confortably.”

Compared to its closest competitor, the Western Union which is now the leading provider of this type of services worldwide, Lhuillier said with its new partner, per transaction would be cheaper by almost $3.

For example, he said, for every $500 entry, a client will only have to pay $9.46 as against $12 charged by Western Union.

MoneyGram chief executive officer John Hempsey, meanwhile, said what the company is aiming with its partnership with Lhuillier is to become the market leader hoping to serve bulk of the Filipinos working abroad particularly in the United States and Middle East or in cities where most number of Filipinos are based.

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