I-Remit sets aside P317M for expansion program

I-Remit Inc. , the country's largest Filipino-owned, non-bank remittance company, on Monday said that it will be spending at least P317.2 million for its expansion program, which includes opening seven offices outside the Philippines beginning this year. Harris Jacildo, iRemit president and chief operating officer, told participants during the company's investors' briefing that the company will be putting up offices in Australia, Hong Kong, Austria, United States, Macau, New Zealand and Italy. "Before, we used to only have tie-ups in some of these countries but now we are looking to put a physical presence in those countries, “ he said. Of the total expansion budget, some P194.17 million is allotted for expansion in the Philippines. Bansan Choa, iRemit chairman, added that for 2008 the company is seeking to put offices in other eight countries such as Saudi Arabia and others. Presently the company has tie-ups and offices in Ireland, Spain, Switzerland, The Netherlands, United Kingdom, Bahrain, Israel, Jordan, Kuwait, Lebanon, Qatar, United Arab Emirates, Canada, US, Australia, Brunei, Hong Kong, Malaysia, Saipan, Singapore, and Taiwan. The company has secured clearances from both the Philippine Stock Exchange and the Securities and Exchange Commission to sell shares to the public. The company earlier announced that it is expecting to raise as much as P811.28 million in the maiden offering. iRemit earlier said the share price in its initial public offering will be between P4 and P5.77. it is offering a maximum of 140,604,000 common shares to the public. It is targeting to list in the PSE on Oct. 17. - GMANews.TV