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- VG Cabuag
- July 9, 2018
- 1 minute read
COURIER LBC Express Holdings Inc. said it will open 80 more branches in the country this year, as the company aims to digitize all of its operations.
Miguel Angel A. Camahort, the company’s chairman, president and CEO, said the number is a little more than last year’s 72 additional branches it built, bringing its 2017 wholly owned branches to 1,321.
“This branch expansion continues to provide volume growth while also extending the brand’s reach and footprint,” Camahort said.
The expansion is part of the plan of the company to put up 100 branches per year for the next 10 years. Each branch costs about P700,000 to P1 million to set up.
Camahort said the branches they will construct will be “scattered between populous major cities and also go deeper into second- and third-class municipalities in various provinces in the Visayas and Mindanao.”
Outside the country, the company is keeping its current markets where there are large concentration of Filipinos overseas.
In March LBC bought the cargo and remittance companies based in the United States and its territories privately owned by the Araneta Family that also carries the LBC brand.
It bought LBC Mundial Corp., LBC Mabuhay Hawaii Corp., LBC Mabuhay North America Corp. and LBC Mabuhay Saipan Inc. for a total of $8.35 million.
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