iRemit posts 56% hike in revenues

Leading Filipino-owned non-bank remittance firm iRemit reported a 56-percent jump in remittance volume in the first seven months of the year to $630 million, outpacing the industry growth rate of 18.2 percent.

According to data from the Bangko Sentral ng Pilipinas, total inward remittance amounted to $9.6 billion during the period.

“We are extremely pleased with the company’s performance. The demand for the remittance and fulfillment services offered by iRemit is steadily increasing. The company continues to experience strong growth and outpace the remittance industry performance consecutively in the last seven months,” said Harris Jacildo, president and chief operating officer of iRemit.

Jacildo said the company continues to forge strategic partnerships and alliances, both locally and internationally, to further boost its business.

iRemit earlier signed an agreement with Maybank Philippines whose branches will serve as additional pay-out centers for remittances.

To date, the company has 3,635 remittance pick-up centers nationwide and 610 outlets across the globe, reinforcing its strong position in the fast-growing market.   

Given the company’s strong performance, iRemit officials are confident the firm will meet or even exceed its income and revenue targets this year due to the opening of new foreign offices in Austria, Australia and Hong Kong. The company is also banking on the new strategic partnerships entered into with agents in Brunei, Qatar, Malaysia and Jordan.

Last year, iRemit reported a more than two-fold increase in its net earnings to P113.29 million from only P42.49 million in 2006, mainly due to higher remittances from overseas Filipino workers.

iRemit will continue to establish stronger global presence by entering into strategic partnerships and opening branches in new markets such as Macau, Italy and the United States.

The company currently operates in 25 countries across Asia Pacific, North America, Europe and the Middle East.

Among the countries where iRemit has forged tie-ups and has agents include Spain, Netherlands, Ireland, Italy, USA, UAE, Bahrain, Qatar, Lebanon, Jordan, Israel, Kuwait, Taiwan, Malaysia, Brunei, Marshall Islands, Saipan and Bermuda.     — Zinnia dela Peña