How Palawan spouses grew P40k capital into multi-million empire
MANILA, Philippines — Come New Year, among people’s resolutions is to open a new business.
For aspiring entrepreneurs looking for inspiration, Bobby Castro shared how he and his wife Angelita grew their P40,000 business capital into the multi-million Palawan Group of Companies with over 3,300 pawnshops nationwide.
In an exclusive interview with Philstar.com, Castro recalled how he and Angelita got into the pawnshop business.
“Kaming dalawa lang… Kasi nag-settle kaming mag-asawa sa Palawan, 1979. So, nag-engage ako sa farming, sa merchandising. Mayroon kaming tindahan ng mga diapers, ganyan. Tapos ‘yung father ko, mayroon s’yang maliit na hotel, 18 rooms na may restaurant,” Castro said of his father, who was born and raised in Palawan.
“Ako, kasi ang father ko, military. So na-assign s’ya sa Batangas, Air Force, so d’un ako nag-elementary. And then lumipat sa Villamor, d’un naman kami sa Palawan. Pero every year, bumabalik kami sa Palawan to visit our lola, our aunties.”
From dabbling into different industries and businesses, Castro crossed paths with the only pawnshop in Palawan.
“Actually, mayroon nang sanglaan for sale. So, iisang sanglaan lang ‘yun sa buong Palawan. Tapos ibinenta sa amin na halos walang laman. Tapos ‘yon ang pinalago namin nang ipinalago.”
The couple formally opened the first Palawan Pawnshop in Puerto Princesa City on August 17, 1985, with an initial capital of P40,000.
Castro shared that during the first years of opening the pawnshop that he and Angelita took over, they accepted almost everything to be pawned.
“Alam mo naman dati – relo, P50!” he reminisced.
“Minsan, may isinasanglang plantsa, P30, ganyan! Mayroong karaoke… tinatanggap namin, oo! Ngayon, puro alahas na lang because of the storage requirement. Dati, kung anu-ano, pero ngayon, jewelry na lang, hanggang sa sipag, savings, hindi kami gumagastos. Balik nang balik sa business.”
Now, besides the pawnshops, the company has expanded to include Palawan Express Padala, e-wallet service Palawan Pay, jewelry, credit and loans for small and medium businesses, and insurance, among others.
“So lahat related the core business natin, finance,” he said on how he and Angelita grew their pawnshop business.
“Siguro, we have better products. We have innovation, and we have that culture, that values na nag-ga-guide sa buong organization. So it’s amazing, actually. Now, we have almost 20,000 employees from dalawa lang kami. Steady pa rin an gating growth at nagpapasalamat ako sa maraming tumutulong.”
Last January, Carlo Castro replaced Bobby as the company’s President and Chief Executive Officer since Bobby has retired, although Bobby remains as the company’s chairman of the board who gives advice and guidance.
“Actually, marami pa ring ginagawa. I visit branches, kinukumusta ko sila,” Bobby said.
His almost 40 years of running a business made him realize what made them successful all these years.
“Develop a very good product then take care of your people. Treat them as family kasi hindi ka naman lalaki kung wala kang mga kasama,” he advised aspiring entrepreneurs.
“Nurture the best company culture. That’s the key.”
But almost 40 years since being in the pawnshop business, Castro still does not like wearing jewelry.
“Naiinitan ako,” he quipped.
He is also not fond of other fancy stuff like gadgets, showing instead his simple phone with a picture of what he called his most prized treasure: his wife Angelita.
