iRemit posts 52% growth in remittance volume

Amid a global economic slowdown, leading Filipino-owned remittance firm I-Remit Inc. reported a 52-percent growth in inward remittance volume in the nine months ending September this year, still above the industry growth of 17.1 percent.

In a statement issued yesterday, iRemit said remittance volume reached $816 million or 10 percent of total remittances of overseas Filipino workers during the period under review.

The Bangko Sentral ng Pilipinas earlier reported that total remittances of overseas Filipinos from January to September this year amounted to $12.3 billion.

iRemit president and chief operating officer Harris Jacildo said: “Our worldwide momentum continues, thanks to our customer focus: emphasis on product variety and value, exceptional customer service, and innovative marketing and contemporary promotion programs. It is clear that our kababayans anywhere in the world are looking for fast and reliable money transfer services, and we are pleased that more and more of them are finding that in iRemit.”

Sustained positive growth in Canada drove the company’s North American sales up by 19 percent, Asia Pacific at 25 percent and Europe at 14 percent year-on-year.  

Sales jumped by a robust 59 percent in the Middle East due to aggressive and relevant promotions developed primarily for agents and tie-ups that contributed to this performance.

Jacildo said the company remained strategically focused in regions that are more viable. “We realigned our tactical operations such that efforts and resources are deployed in areas where business opportunities are greater. Like in the case of North America, we give emphasis more to Canada than the United States.”

Despite the uncertainties in the global economic front, iRemit remains positive as it marked its seventh year in the business

iRemit is the fastest growing Filipino-owned non-bank remittance company. It is present in 25 countries worldwide and has more than 600 international partners and tie-ups. It also has more than 4,000 payout and distribution centers in the Philippines.   — Zinnia dela Peña