iRemit posts hike in remittance volume

MANILA, Philippines - Listed firm iRemit, Inc. said the volume of remittances it handled from January to July surged as it expands its services for overseas Filipinos. The company, which claims to be the country's leading non-bank remittance firm, said it handled $630 million worth of remittances in the seven months to July, 56 percent higher than the amount of its transactions in the same period last year. "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 iRemit President and Chief Operating Officer Harris Jacildo. iRemit, which was established in 2001, has 3,635 remittance pick-up centers in the country and operates in Hong Kong, Singapore, New Zealand, United Kingdom, Canada, Australia, and Austria. It also has tie-ups and agents in 17 other countries, including the US, United Arab Emirates, Malaysia, Saipan, the Netherlands, Bahrain and Kuwait. Jacildo said iRemit is optimistic that remittances will continue to pour in as it plans offers more products and services to the growing number of overseas Filipinos. Bangko Sentral ng Pilipinas, which tracks remittances handled by banks, said the volume of inflow from overseas Filipinos stood at $9.6 billion from January to July. - GMANews.TV