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Manila Bulletin devider devider ABS-CBN shuts down remittance business

ABS-CBN shuts down remittance business

Published Apr 23, 2018 12:00 am
By James A. Loyola Multi-media giant ABS-CBN Corporation is shutting down its remittance businesses in the United States, Canada and the United Kingdom because of significant losses in the past years. In a disclosure to the Philippine Stock Exchange, ABS-CBN said ABS-CBN Global Remittance, Inc. (AGRI), ABS-CBN Canada Remittance, Inc. (ACRI) and ABS-CBN Europe Remittance, Ltd. (AERL) will cease operation by June 30, 2018. The three are the subsidiaries of ABS-CBN Corporation licensed to engage in money service and transmission business in California and Illinois, USA, Canada and the United Kingdom, respectively. “The decision to cease business operations is based on the collective financial performance of the Companies in the past years which showed significant losses,” the firm said. As a result of these losses, ABS-CBN said the business was no longer considered viable. During the operations of the Companies, the accumulated losses amounted to P16.18 million (US$310,233). “The cessation of the business operations of the Companies has no material impact on the business, financial position, performance and operations of ABS-CBN Corporation,” it assured.
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