No letup in remittances seen
Even a global slowdown may not likely curb the flow of money sent home by overseas Filipinos through I-Remit Inc., which expects to sustain a double-digit growth in remittance flows this 2012, over last year’s $1.4 billion.
I-Remit also expects to get a bigger share of remittances as it rolls out an Internet-based remittance platform, “IDOL,” initially in selected markets like Canada, catering to tech-savvy clients, I-Remit president Harris Jacildo said during a briefing Thursday.
After Canada, IDOL may be launched in Australia, New Zealand, the United Kingdom and Japan.
Such an Internet-based remittance system eliminates the need for clients to go to i-Remit branches to make a cash transfer.
“Trust will remain to be a premium in remittance companies. I-Remit is known for revolutionizing the way business is conducted in the industry by employing the latest in IT technology through an online platform, making the entire process faster and easier as well as greatly expanding its reach, without sacrificing the security of your transaction,” Jacildo said.
The company is also looking for new markets to expand in, particularly in Saudi Arabia, which is the country’s biggest remittance source in the Middle East, Jacildo said.
“This year we will be exerting a lot of effort. We plan to cover a lot of areas in Middle East,” he said. “We’re working on a partnership with one of the biggest banks in Saudi Arabia.”
At present, I-Remit has operations in the United Arab Emirates, Qatar, Bahrain, Jordan and Israel.
“The consistent increase of remittances gives the Philippine economy a chance to hold its own against challenges brought about by the global economic crisis,” Jacildo said. “When most economies began to suffer the effects of the euro crisis and a weakening US economy, the Philippines was protected by remittances.”
Such remittance flow hasn’t shown signs of slowdown, Jacildo said. The $1.4-billion remittances coursed through I-Remit last year, he noted, marked a double-digit growth over that of the previous year.
