Largest Filipino-owned, non-bank money remittance firm, I-Remit, Inc. concluded its Annual Stockholders Meeting and its report to the public last July 29, 2011. Listed as the only remittance firm in the Philippine Stock Exchange, I-Remit reported its performance for the year 2010 to the public and the stockholders of the company.
The company also reported its undertakings, accomplishments, financials including its future plans and prospects for the year ahead. The company expects to perform better as it faced the sharp appreciation of the Philippine Peso against the US Dollar and engaged itself in further expanding its reach by opening branches and forging tie-ups abroad during the year 2010. It noted that for the first quarter of 2011, the prospects are already promising as it gained a 16% increase in income as compared to the same period of last year. In addition, IRemit Global Remittance Ltd., a wholly-owned subsidiary of I-Remit, Inc. is now authorized by the Financial Services Authority of United Kingdom as an Authorized Payment Institution. This will enable I-Remit to exercise passporting rights and carry on its remittance services across the 29 European Economic Area states by establishing branches and providing cross-border services.
The company expects new opportunities and good prospects and will continue to transform itself into a globally competitive organization providing world-class remittance and payment services to various migrant communities.