Quantcast
Latest Stories

I-Remit sees big growth from OFW deals

By

Listed money transfer firm I-Remit Inc. expects to maintain double-digit growth in terms of remittance volume as transactions increase from Filipino workers overseas and as it opens up new markets targeting foreigners.

The company, which claims a leading spot in the non-bank domestic money transfer market, is growing volumes at about 10 percent  “so far” over last year, I-Remit president and chief operating officer Harris Jacildo told reporters at the sidelines of the company’s annual stockholders’ meeting.

“I think we can sustain that especially with new markets,” Jacildo said.

He said the company’s volume growth continued to outpace the remittance industry, which increased 5.3 percent to $1.87 billion in May, data from the Bangko Sentral ng Pilipinas showed. This brought the five-month total to $8.78 billion, up 5.6 percent.

I-Remit said transactions it processed in 2012 grew 10.4 percent to P3.08 billion.

“We are still targeting to grow bigger than the industry,” Jacildo said.

While the business model also depended on fees generated from overseas Filipino workers (OFWs) sending money back home, the company has also been targeting countries with a large number of international workers of their own.

As far as other nationalities are concerned, we have China and we launched Indonesia [in Hong Kong] two weeks ago,” Jacildo said.

He said that I-Remit was looking to serve Indonesians working in Hong Kong, a market that has been rapidly growing in recent years.

“The demand for workers in Hong Kong has increased because the economy in Hong Kong has improved,” I-Remit chair Bansan Choa told reporters.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Growth , i-remit inc. , ofw deals

  • joboni96

    organize OVERSEAS PILIPINO BANK

    para pilipino makinabang
    sa yaman ng pilipino

    hindi intsik switik
    hindi dayuhan



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Healing priest invites political leaders to join ‘prayer for nation’
  • Tagle: Christ’s resurrection a message of hope to faithful
  • Aquino vows to intensify anti-corruption drive further
  • Unease in Vatican over cardinal’s luxury flat—report
  • Nepal calls off search for missing guides on Everest—official
  • Sports

  • Rain or Shine grabs No.4, sends Ginebra to 8th
  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Supper power
  • Condo unit sales boosted Shang Properties earnings
  • ERC mulls over WESM price cap for May, June
  • Whatever happened to the ubiquitous pagers?
  • Huge 2013 net profits seen difficult to surpass in 2014
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Marketplace