Bobby Castro, didn’t actually start Palawan Pawnshop. It was already around since the early 1980s. It’s more like the story of McDonald’s - where it was founded by the McDonald’s brothers but was eventually grown into the giant it is today by Ray Kroc - so in this case, Bobby Castro was the Ray Croc guy.

After starting several small businesses: selling diapers, furniture, opening a small carinderia - Castro decided to acquire Palawan Pawnshop for 40,000 pesos - not necessarily because he wanted to, but just because it was the only one available at that time.

He had no clue how to operate it and neither did his wife. Eventually, she studied jewelry appraisal but the store was earning very little in the beginning, barely bringing in around 5,000 pesos per month.

Growth was very slow, but they were growing. It started to pick up when Palawan Pawnshop started opening branches in extremely rural areas that their competitors still haven’t bothered to set foot in. They wanted to be the first to open in those towns, and it worked. Today they now have over 5,000 locations all over the country.

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⏰☀️ TIMESTAMPS
1:10 - Bobby Castro Success Story
2:30 - Bobby Castro's Circon Building
3:00 - 1st Palawan Pawnshop
4:40 - Palawan Pawnshop earnings
5:30 - Why they're successful
6:00 - Pera Padala Origins
7:10 - Palawan Pawnshop strategy
8:15 - Rise of Payment Apps
9:00 - Palawan Pay
11:00 - Palawan Pay vs. GCash


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