From a single pawnshop in Palawan to a nationwide financial powerhouse, Palawan Group marks four decades of growth, innovation, and heartfelt service
Marking its long-standing legacy of dedicated service, the Palawan Group of Companies recently celebrated its 40th anniversary with a heartfelt media event. This milestone reaffirms the Group’s unwavering commitment as a trusted partner in every Filipino’s financial journey — championing affordability, reliability, and accessibility with heart.
From its humble beginnings as a single-branch pawnshop in 1985, the Palawan Group has grown into one of the most trusted names in financial services in the Philippines, now serving millions of sukis (loyal customers) through over 70,000 branches, outlets, and money shops nationwide.
“This anniversary is deeply personal for our family,” said Angelita M. Castro, Co-founder and Deputy Chairman. “It reminds us of every challenge we’ve faced and every Filipino we’ve served. At the heart of it all is love — love for our people, our sukis, and our country.”
Palawan Group’s foundation: Humble beginnings, bold vision
Photo shows (from left to right) Bobby L. Castro, Founder; Angelita M. Castro, Co-founder and Deputy Chairman; and Karlo M. Castro, CEO, while doing Palawan Group’s hand sign.
The Palawan Group was founded in Puerto Princesa by spouses Bobby L. Castro and Angelita M. Castro, who started Palawan Pawnshop with their entire life savings of P50,000.
“We just bought Palawan Pawnshop in 1985; it was sold for P40,000, so we still had P10,000 for sanla (pawn),” shared Bobby Castro, Chairman and Founder. “There’s even a mystic (a sense of destiny) behind the name from when my grandfather was born. We’re proud that it has since become a verb —i-Palawan mo na.”
Despite early challenges in funding and expansion, the couple’s passion and community-centered approach led to sustainable growth. “We borrowed from friends and relatives to sustain the business — until the banks recognized us,” Mrs. Castro chimed in.
What started as a single-branch pawn brokering grew through word of mouth, fueled by the couple’s passion to uplift communities through fair, accessible, and customer-centered service.
Celebrating milestones, embracing growth
Top executives of Palawan Group of Companies led by Bobby L. Castro (3rd from left), the company’s founder, and his wife, Angelita M. Castro (center).
Over the decades, Palawan Group has achieved numerous milestones. From opening its second branch to entering Negros Occidental in 1988, launching Palawan Pera Padala in 2003, and establishing PalawanPay in 2021, each step was grounded in listening to customer needs.
“We’ve introduced innovations that made a difference — like our 11-day pawning scheme for customers who couldn’t afford the full month’s payment,” Mrs. Castro shared. “Even the Bangko Sentral ng Pilipinas (BSP) recognized us as game-changers. We were never afraid to adapt when we knew it meant serving better.”
“There’s a lot to be thankful for — from 1 to 2 to 3 branches, and now they’re beyond counting,” she added. “Every step forward was possible because we kept hearing out the needs of the people.”
Despite the challenges brought by the pandemic, Palawan Group has seen remarkable financial growth in recent years.
“We’re very bullish and ambitious,” said Karlo M. Castro, CEO and President. “Even during the pandemic, we saw double-digit growth across key services. The pawnshop continues to grow rapidly. Jewelry sales are up. Palawan Credit, though just two years old, is performing well.”
Karlo also highlighted the rapid rise of PalawanPay, now entering its fourth year with nearly 22 million registered users. “We’re launching new services every few months. Our B2B arm — Palawan for Business — is expanding fast. We now serve thousands of companies, handling collections and disbursements,” he explained. “Our micro-insurance is helping democratize access to affordable coverage, available both in-branch and online.”
“We believe we have a solid five-year roadmap, though we’re realistic that plans may evolve. What makes us confident is our leadership team — and honestly, the best rank-and-file in the industry,” he added. The Group now operates eight business units, a testament to its strategic growth and diversified portfolio.
Embracing digital transformation with a Filipino heart
The launch of PalawanPay in 2022 signaled a bold step into the digital era. As one of the country’s fastest-growing e-wallets, it provides users with services like pera padala, bills payment, and e-loading — all accessible via mobile.
Karlo Castro, CEO and President of Palawan Group of Companies
“We’re one of the few who can serve digitally while maintaining a strong physical footprint,” Karlo Castro noted. “That’s the essence of our BrickTech model — bringing together the digital and physical for seamless customer service.”
“Innovation is key to staying relevant, but our foundation will always be trust, affordability, and service with heart,” added Karlo. “As we expand into digital platforms like PalawanPay, we remain focused on making sure every Filipino, even those in underserved areas, feels seen, supported, and empowered.”
This balance between innovation and tradition, bound by compassion, is key to Palawan Group’s enduring appeal, ensuring that services remain affordable, simple, and secure.
Uplifting communities, giving back
Palawan Group’s commitment goes beyond business. Its Corporate Social Responsibility (CSR) efforts include scholarship programs supporting over 1,200 students in Palawan and Western Philippines University, as well as tree-planting projects with native species like narra and ipil-ipil.
“We want to give back, especially in the far-flung areas,” Mrs. Castro emphasized. “We’re helping Palawenos reach their dreams.” The impact of their service is deeply felt by their sukis.
“It’s heartwarming when people say, ‘Because of Palawan, I was able to send my children to school.’ Or when someone tells us that their business was saved through our remittance services. That’s what it’s all about — bringing our services to the laylayan (the marginalized sector),” she added.
Looking ahead: Charting the next chapter
As the Palawan Group charts its next 40 years, it remains grounded in its purpose of empowering grassroots communities. “At the beginning, our vision was just to survive,” shared Bobby Castro during the media event’s Q&A session. “But over time, we realized — we’re helping people the big banks often overlook. That became our mission.”
“All the income we earned, we reinvested back into the business. One branch at a time. Slowly but surely, we grew,” he further stated.
With plans to open 200 more branches this year and deepen its digital inclusion efforts, Palawan Group is committed to sustaining its legacy of affordable, reliable, and compassionate service.
Innovations may change the way services are delivered, but the heart of the business remains the same: putting the Filipino first. “Ikaw pa rin ang No. 1, Matatag, Maasahan at Mapagkakatiwalaan” is a promise that Palawan Group will keep delivering for its sukis.
Today, the Palawan Group of Companies is considered as one of the Philippines’ most trusted and fastest-growing providers of financial services, offering pawning, domestic and international remittance, microloans, money changing, insurance, jewelry retail, and digital payment solutions.
Through its nationwide presence and commitment to innovation, the Group continues to champion financial inclusion and empower millions of Filipinos.
For more information, go to Palawan Pawnshop and PalawanPay websites.
