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The Globe Telecom’s mobile commerce subsidiary G-Xchange (GXI) request of using its parent’s sub-distribution as GCash outlets has been approved by the Bangko Sentral ng Pilipinas (BSP), which brings the number of GCash remittance outlets to over 18,000 making it the largest remittance network in the Philippines.

“Our distribution system is one of our most valuable assets and combined with our current GCash network of partners will help us significantly expand our efforts towards providing a vehicle for financial inclusion to more Filipinos all over the country. We are truly grateful to the BSP for its foresight in seeing the potential and groundbreaking precedence that this opportunity brings to the financial services industry,” said Globe president and chief executive officer Ernest Cu.

“This is really a very important step for us as we move forward by using the pervasive Globe distribution network to further expand the GCash services with more outlets. BSP’s approval will allow us to improve our ability to truly bring remittance and micro-financial service points to more neighborhoods across the Philippines, and we are committed to continue fully complying with regulations that will ensure financial integrity and the protection of consumers,” said GXI president Rizza Maniego-Eala, who said the their efforts in expanding the GCash outlet network will help lower the delivery cost of remittance and access to various financial services.

With the Philippines geographically fragmented with 70 to 80 percent of the population still unbanked or underbanked, Globe’s GCash network allows people, especially those in the rural areas the chance to gain access to financial services. At present, GCash has are about 1.2 million users and has an average transaction value of P5 billion a month.

With GCash, receiving international remittances is made easy and affordable for the beneficiaries of OFWs. And from the traditional GCash outlets – Globe Business Centers, rural banks, pawnshops and other remittances partners, beneficiaries would be able to go to their neighborhood sari-sari stores, gift shops, pharmacies, Internet cafes, boutiques, bakeshops, and various stores nationwide.