Personal Development, Finance and Investing For Filipinos
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What are pawnshops? What items do pawnshops buy?
What are Pawnshops?
Pawnshops are financial institutions supervised by the Bangko Sentral ng Pilipinas. Pawnshops grant loans by accepting personal property as collateral or security.
Pawnshops and Inclusive Finance
Pawnshops are major financial service access points for financially unserved or underserved Filipinos. By accepting personal properties as security, these entities are able to quickly lend even to individuals with no credit history.
Collaterals for Pawnshops
Aside from jewelry, pawnshops also accept items like luxury bags, musical instruments, household appliances and electronic gadgets.
Pawnshops across the Country
It is easy to find a pawnshop in towns and cities across the country as the number of these entities outnumber the combined number of all types of banks in the Philippines.
Pawnshops are Evolving
Aside from granting quick loans, pawnshops have evolved to become alternative channels for sending and receiving money, paying bills and other financial transactions.
Note: The offering of remittance and as cash agents are subject to BSP (Bangko Sentral ng Pilipinas) prior approval.
Pawnshops and Cash Aids
Pawnshops act as cash agents of electronic money issuers and banks. Amid the pandemic, pawnshops have assisted in the distribution of cash assistance.
Note: The offering of remittance and as cash agents are subject to BSP prior approval.
BSP's Guidelines and other Regulations
Visit the Bangko Sentral ng Pilipinas (BSP) for the Registration of Pawnshops and Money Service Businesses (MSBs).
For more information on BSP-Supervised Pawnshops, visit www.bsp.gov.ph
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.