iRemit says Jan-Nov remittances up 45%


Posted at Feb 04 2009 07:11 PM | Updated as of Feb 05 2009 03:12 AM

iRemit Inc., the country's largest Filipino-owned non-bank money transfer firm, said Wednesday it continued to perform in line with targets, with the total value of remittances it handled up 45 percent in the 11 months to November last year.

In a statement, the publicly listed firm said it recorded $987 million in remittances in January to November 2008.

"We are still very pleased with these results because there was very strong growth in most of our mature markets as well as in our newest ones," said iRemit chairman and chief executive Bansan Choa.

He noted that amid the global economic downturn, his management team has prepared for the expected slowdown in remittances, beginning the last quarter of 2008.

iRemit president Harris Jacildo said the company has implemented "customer-centric strategies that helped us beat targets in a challenging year."

He added that iRemit continues to tap new markets and develop new product and services to grow its client base.

Recently, iRemit joined forces with CDO-Foodsphere Inc. and Surewell Equities Inc. in various programs for overseas Filipinos.

CDO has a "Pangkabuhayan" program, which aims to help Filipinos with the entrepreneurial spirit and skills to start their own businesses with a minimal capital investment.

"This is a good added-value proposition for our remitters. Their beneficiaries can develop their entrepreneurial skills, and we thank CDO for their valuable effort in reaching out to our kababayans," said Jacildo.

Surewell, on the other hand, has a "Kabahayan" program offering affordable housing to OFWs. The company has already entered into a collection agreement with iRemit.

Last month, iRemit teamed up with the Philippine Retirement Authority and Home TV in enhancing its product offerings globally.