Wednesday, December 17, 2008

iRemit Reports 47% Growth in Jan to October

iRemit Forges New Partnership with the Philippine Retirement Authority

I-Remit, Inc (iRemit) reported that its remittance volume for the first ten months of this year grew by 47 percent to $902 million compared with the same period last year.

iRemit's growth continues to soar higher than the industry. In its recent report, the Bangko Sentral ng Pilipinas registered cumulative remittances of US13.7 billion for the first ten months of the year, 15.5 percent higher than the level recorded during the same period a year ago. Year-on-year, October remittances rose modestly by 3.3 percent.

Commenting on the results, Harris Jacildo, president and chief operating office said, "We anticipated the modest growth of the industry because of the reported global economic downturn. This affected our short-term results but put us in a good position to expand market share and enhance the customers' experience in the foregin markets. We shifted gears by remodelling the marketing strategies while at the same time aggressively expanding our international tie-ups. We absorbed many cost increases to keep our exchange rate competitive. We believe this strategy is important to maintain customer loyalty and to help our customers during these uncertain economic times."

As part of its expansion programs, iRemit partnered with the Philippine Retirement Authority(PRA). Both institutions forged a partnership with regard to information dissemination and promotion of PRA's Retirement programs including the tax-free private pension scheme under the Personal Equity Retirement Account or PERA law.

"This new partnership with the Philippine Retirement Authority underscores the strong commitment of iRemit to develop tangible strategies that address the needs of the overseas Filipinos in a challenging economic landscape," said Bansan Choa, chairman and chief executive officer of iRemit.
Choa added that iRemit has manifested its willingness to disseminate information and to assist in promoting those programs in the countries where it is present.


The appointment of iRemit as one of the agents of PRA in the information dissemination, promotion of programs and collection is another milestine for the company. "We're extensively working on several institutional partnerships with different companies that share our ideals and goals in helping Filipinos abroad especially during these volatile times," said Jacildo. He also stressed that this initiative will boost iRemit's performance and will serve as an instrument in acchieving the US 1 billion mark goal for 2008.

This month, iRemit recently opened its new branch in Perth, Western Australia. The company is currently present in 25 countries across the continents with over 600 international tie-ups and 4,000 payout centers nationwide.

Source: iRemit, Inc press release.

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