16
Apr
2021

Cash-in-transit Business in the Philippines

The Philippines is known internationally for its rich biodiversity, providing both tourists and
locals with an immersive experience in a natural wonderland. It also offers a range of
attractions, from swimming and hiking destinations to UNESCO-listed heritage towns and
cities.

As one of Asia’s emerging markets and essentially deemed as a newly industrialized country,
the Philippines continues to attract business operators. Most notable are the companies that
got into the Forbes 2020 Global 2000 list, namely SM Investments Corporation, Banco de
Oro, Top Frontier Investment Holdings, Ayala Corporation, JG Summit Holdings, Metropolitan
Bank and Trust Company, and LT Group. However, just like other countries, the Philippines
has its share of challenges, mainly relating to financial instability, corruption, political
tension, and social welfare disparities between various sectors and socioeconomic classes.

Crimes also remain a major concern, especially in highly urbanised areas. Because of this,
companies rely on professional security services and technological advancements for a
robust safety management system. Cash-in-transit has been one of the most trusted services
for safe money transfers and deposits to the bank or other specified location. It helps
protect companies against these crimes and keep their business profits afloat.

What is Cash-in-transit?

Do you typically send your own staff to do the banking for your company? By doing this, do
you think you’re saving extra costs instead of hiring professionals to handle this task? You
may not realise it yet, but that is more inefficient and may put both your business and your
staff at risk.

According to the Philippine National Police (PNP), theft, physical assault, and robbery are
among the most commonly reported crimes to local authorities. If you own a business, your
company may be an unfortunate victim of these robbers and thieves. This is why it’s
essential to invest in proper safety measures before anything bad happens.

One way to ensure the safety of a business is to employ a reliable cash management system.
Everyone may have already heard the term cash-in-transit (CIT), but not everyone knows its
meaning. Simply put, cash-in-transit is the physical transfer of cash, coins, cheques, and
other items of value from one location to another. Companies that deal with huge amounts of cash benefit from using a CIT service. The majority of these transactions are arranged for
cash centres, bank branches, large retailers, and casinos.

CIT service providers usually operate with armoured vehicles, also called security vans or
cash vans, when transporting goods. However, some providers specialise in covert, low
impact, and low profile operations. They will collect, deposit, process, and deliver money in
soft-skinned, everyday vehicles.

This service can be versatile and customisable depending on the client’s requirements. You
can choose between armed or unarmed cash couriers and they can operate in either
unmarked, armoured or non-armoured security vehicles. With this service, you don’t have to
assign one of your employees to do the banking and you are enhancing safety in the
workplace. With minimal interruption to your staff at work, they can have a better focus on
their tasks and be more productive too.

How is the CIT business in the Philippines?

Dun & Bradstreet, a global provider of comprehensive business data and analytical insights,
has listed 670 armoured vehicle services companies in the Philippines. This shows that
cash-in-transit is a growing business across the country.

Based on the Economic Research Institute’s compensation analysis, the average salary is PHP
184,684 a year, with a potential salary increase of 21% in five years, for an armoured car
guard and driver in the Philippines. And at least a high school degree is their average highest
level of education. This analysis is based on the salary survey data collected directly from
employers and anonymous employees in the country.

The data also indicate that the general job description for cash couriers is:

● Drives armoured van to transport money and valuables, and guards money and
valuables during transit.
● Loads and carries bags of cash, coin, and other valuables into and from armoured
vans at protective service building, bank, or customer establishment.
● Drives armoured van along established routes to transport valuables to destination.
● Guards bags of money and valuables during receipt and transfer to ensure safe
delivery.

Moreover, when utilising the services of private security agencies and personnel for the
protection of large amounts of cash or valuables, the implementing rules of Republic Act
5487 (also known as The Private Security Agency Law) indicates that all security personnel
performing armoured vehicle operation shall have a specified training and qualification requirement over and above the basic requirements for security guards. And security
personnel using armoured vehicles are required to wear their prescribed uniform, especially
when bearing firearms.

A CIT personnel’s job description may seem easy and straightforward, but it is one of the
most dangerous jobs in the world. Cash vans are likely targets of armed robberies too, which
are most feasibly planned by professionals. This puts the life of the drivers and the security
officers at stake, on top of the money and valuables they are transporting.

In sum, investing in the safety of your business through the employment of cash-in-transit
services is the right strategy. When seeking out the best security company to manage your
cash handling needs, make sure to choose one that is adept in all types of CIT services, offers
good value over cost, and with an excellent track record

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