Lopez Group to close down remittance business in US, UK
ABS-CBN Corp. Is shutting down its remittance business in the US, United Kingdom and Canada by June, citing ballooning losses..
In a regulatory filing, ABS-CBN said the cessation of
business of ABS-CBN Global Remittance, ABS-CBN Canada Remittance. and ABS-CBN Europe Remittance Ltd. has no material impact on its financial position, performance and operations.
“The decision to cease business operations is based on the collective financial performance of the companies in the past years which showed significant losses,” ABS-CBN said.
“As a result, the business is no longer considered viable,” it added.
The remittance firms accumulated losses of P16.18 million or $310,233.