November 21, 2024 | 4:00pm
MANILA, Philippines — Did you know that the owner of Palawan Group of Companies isn’t even into jewelry?
Co-founder and chairman Angelita Castro has always lived a simple life.
“I grew up in a military family,” shares Angelita, who was a “Iskolar ng Bayan.” “I have nine siblings. And so, the family lived from paycheck to paycheck.”
It was only when she and her husband Bobby Castro, founder and chairman of Palawan Group of Companies, entered the pawnshop business in 1985 that she literally “set her eyes on gold.”
Little did she know that it will change not just her life—but also that of others—for the better.
Making investing in gold accessible to all
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I met Angelita during the launch of Palawan Group of Companies’ new product—the Palawan Gold—in Makati City.
The Palawan Gold is a collection of affordable gold coins and bars designed to make investing in gold accessible to more Filipinos.
Gold is universally valued as a stable, long-term investment, offering security and growth potential as it increases in value over time. Known for its resilience against inflation, gold is a reliable asset that helps preserve and potentially increase wealth.
The Palawan Gold collection offers a stunning selection of investment-grade pieces, each inspired by Palawan’s endemic birds and designed with future value growth in mind.
The collection consists of the accessible one-gram Palawan Blue-Flycatcher; the two-gram Palawan Sunbird; the three-gram Blue Paradise Flycatcher, and the five-gram Blue-headed Racquet-Tail.
For those interested in a set, the six-gram Trio Set, which combines one-gram, two-gram, and three-gram pieces, is an attractive option. The collection’s highlights include the 10-gram Palawan Hornbill and the luxurious 20-gram Palawan Peacock-pheasant.
“The design is a homage to the endemic birds of Palawan,” shares Karlo Castro, president and CEO, during the launch at Milkyway in Makati City. “The designs are based on the photographs of the endemic birds taken by Atty. Mike Gomez, a photographer and bird enthusiast.”
As the global price of gold continues to rise, Palawan Gold presents a unique opportunity to invest in precious metals and potentially benefit from the appreciation of gold’s market value.
“When we launched Palawan Gold, it was initially distributed to 600 branches nationwide, which makes it the most accessible gold bars in the country. We are now expanding to more branches,” notes Sheila Shalduga, chief commercial officer.
Soon, Palawan Gold bars will also be available on its Facebook page, Shopee and Lazada.
“With Palawan Gold, our goal is to make gold investment accessible to every Filipino through our Afforda-Gold initiative. By offering competitive pricing and flexible payment options, we are removing the barriers to ownership, empowering more Filipinos to secure this valuable asset,” adds Karlo. “Each piece is crafted to the highest standards so customers are assured that the product combines exceptional quality with lasting value and price stability.”
How it all started
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During the launch, I had a nice chat with Angelita, who also shared Palawan Pawnshop’s humble beginnings.
Contrary to popular belief, the enterprising couple wasn’t the original founders of Palawan Pawnshop.
“We acquired it in August 1985. The original owners offered it to us because they diversified into construction,” shares Angelita. “Our initial capital was only P30,000. There was nothing in it except the vault and an inventory—P11,000 worth of trinkets and other items. We didn’t know that the business required a lot of money.”
Angelita and Bobby had no clue as to how to operate a pawnshop business. For them, it was really just because that was the only business available at the time.
In fact, Angelita even served as the appraiser.
“I studied for a week in Manila,” she says with an impish grin. “And was assisted by a former employee of the pawnshop. Running the business was mostly based on trial and error.”
Slowly, they learned the ropes and eventually expanded the business around the province. But it was when they introduced the remittance service, Palawan Express Padala, in 2003 that the Castros’ fortunes drastically changed.
Today, Palawan Pawnshop has 3,500 company-owned branches across the country. And as a way of giving back, the Castros put up the Palawan Pawnshop Scholarship Program.
“We already have 693 graduates from Palawan State University and Western Philippine University,” enthuses Angelita. “Four hundred and one students are currently enrolled in Palawan, including nine students enrolled at the University of Baguio.”
The company also offers Palawan Credit, which grants loans to SMEs to help improve and expand their businesses.
Angelita, indeed, is pretty simple for someone who owns a multimillion-peso business. Clad in a corporate shirt and faded jeans, Angelita wears a pair of diamond earrings and a luxury watch which, she says, was a gift from her five children.
When asked what’s the most precious item in her jewelry box, she hastily replied: “It’s the diamond ring I inherited from my mom. It has nine stones which represent her nine children.”
Editor’s Note: This article is sponsored by Palawan Group of Companies. It is published by the Advertising Content Team that is independent from our Editorial Newsroom.
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