CEBU, Philippines - MLhuillier Financial Services Inc. is planning to franchise its business this year as it seeks to further expand in municipalities across the country.
In a recent interview, President and CEO Michael Lhuillier said the company is opening up for franchise under the M. Lhuillier Express brand.
"We did tests to make sure the systems work and people investing in them make money," the CEO said, adding that the firm had piloted the concept in some areas.
"We're taking it to the next level. We'll be joining franchise shows," he said.
He said the company would first franchise its international and domestic money transfer business, and logistics probably.
"Because the collateral lending is a harder business ro franchise. It's more difficult," he said.
Lhuillier explained the move to franchise would help the company achieve in a faster pace its goal to be present in all municipalities across the country.
"I want to be in every municipality in the Philippines. [If I don't franchise] that would give me 4 to 5 years to complete the goal. But with the help of ML Express partners and investors probably we'll achieve it in two and half years," the company executive noted.
The company which started its first branch in Colon, Cebu City targets to open around 200 new branches nationwide this year.
The CEO said the focus of the branch expansion would be the outskirts in Visayas and Mindanao areas as well as Luzon.
He said Cebu, for instance, is already well covered in terms of presence of branches.
Presently all M. Lhuillier branches are company-owned.
The local non-back financial services firm presently has a network of over 2,000 outlets nationwide providing monetary loans, pawn brokerage, bills payment, microinsurance and a wide array of money remittance services, among others. (FREEMAN)