Philippine Seven Corporation (PSC), the exclusive licensor of 7-Eleven in the Philippines, is enhancing its operation by investing in innovation with a goal of increasing financial inclusion. This initiative, which showcased the deployment of cash-recycling automated teller machines (ATMs) in its stores, is aimed at providing underserved communities easy access to financial services.
Through collaboration with Pito AXM Platform, Inc., PSC invested in ATMs to expand its financial services. By the end of 2024, the company has installed ATMs to a total of 3,493 stores, or 84% of the network coverage. The ATMs found in 7-Eleven stores represent15% of the less than 30,000 ATMs deployed in the country.
“We’re contributing to nation-building through increasing financial inclusion,” said Lawrence de Leon, head of PSC’s Finance and Accounting Services Division and Investor Relations. “This is very important for us. It’s not only contributing to better efficiencies from an operational and financial management perspective but also we are fulfilling our role towards increasing financial inclusion especially in underserved communities.”
Although adopting the latest technologies increased the firm’s capital expenditures by 12.9% in 2024, the hike reflects PSC’s commitment to invest in technology updates, logistics, and opening of new stores. The company also continued to enhance its CLIQQ mobile app, and innovate its food service offerings to meet evolving consumer preferences for value and convenience.
Despite these expenses, PSC ended 2024 with a 9.4% increase in net income to PhP3.81-billion, and registered an all-time high return on equity (ROE) of 35.2% in 2024 against 32.1% in 2023. System-wide sales generated reached PhP93.5-billion in 2024 while revenue from contracts with customers grew 13.6% to PhP88.7-billion.
With excess retained earnings, PSC distributed PhP7.26-billion in cash dividends and issued a 100% stock dividend in 2024, highlighting the company’s sound financial health and outstanding efficiency in generating profits from shareholder investments.
In 2024, PSC achieved another milestone with the opening of its 4,000th store. This celebrates the brand’s journey from a single store to a trusted presence in communities across the country. By yearend, the network had grown to 4,130 stores.
“Our performance is a direct result of our strategic focus on innovation, customer convenience, and responsible expansion,” said Jose Victor P. Paterno, PSC’s chairman of the Board. “As we move forward, our focus remains on enriching the lives of our customers through innovation and convenience.”
Meanwhile, this year marks a pivotal moment in PSC’s corporate journey. Jose Victor Paterno formally assumes the role of chairman of the Board, succeeding Jose T. Pardo who now takes on the role of Chair Emeritus and member of the Advisory Board. PSC’s longtime chief of operations, Richard Lee, steps into the role of president.
This transition is a testament to the company’s strong succession planning and strategic continuity. Paterno and the Board expressed full confidence in Lee’s leadership, citing his deep understanding of the business, operational excellence, and longstanding contributions.
