MANILA, Philippines - Leading courier and remittance firm LBC Express Inc. clarified that it is a separate and distinct entity from LBC Bank, which was ordered closed by the central bank due to insolvency and unsound banking practices.
LBC general counsel Luis Manuel D. Ermitano said the company is “neither a bank nor a non-bank financial intermediary” and should not be linked to the financial quagmire of the bank, the financial services unit of the LBC Group of Companies.
The LBC Group is a conglomerate primarily engaged in the cargo and courier business for over 60 years, serving overseas Filipinos. It currently offers the widest coverage and network with over 800 strategically located branches nationwide and over 90 branches in the US, Canada, Taiwan, the Middle East and other areas where there are large concentrations of Filipino migrant workers.
Ermitano also debunked accusations that LBC Express did not settle remittance transactions with LBC Bank, saying these are untrue and continue to cause as much undue negative effect on the remittance firm.
LBC was founded in the 1950’s as Luzon Brokerage Corp., an air cargo forwarding service provider and was the first to introduce the 24-hour air cargo delivery service. It soon became a respected leader offering fast and reliable express courier and money remittance service throughout the country today.