Cebuana Lhuillier says remittance service overtaking core pawnshop business

Cebuana Lhuillier Services Corp. revealed Friday that its remittance business has been growing 20 to 25 percent, overtaking its core pawnshop operations in terms of growth.   "It is eating into the pie... that is why we are putting a lot of effort into it now," said the financial services company’s president and CEO Jean Henri Lhuillier in an interview with GMA News Online.   With a new international partner in Ria Financial Services, Cebuana Lhuillier  said the flow of their remittance stream could grow faster by at least 30 percent now that they have access to new markets that include Canada, Australia and the United States.   Ria claims to be the third largest money transfer firm in the world with a network of 146,000 locations in 136 countries.   Cebuana Lhuillier said it operates over 1,500 branches in the Philippines, including 30 mall-based, standalone outlets.   Ria president and CEO Juan Bianchi said its rates, "which are 20 to 30 percent lower than what the market leader has" will apply and there will be no fee effect on the fulfillment end at Cebuana Lhuillier. —VS, GMA News