I-Remit, the largest Filipino-owned non-bank remittance service provider recently held its Annual Stockholders Meeting and reported to the general public its performance for the year 2012.
Here are some excerpts from the media who covered the said meeting:.
From Philippine Daily Inquirer – Miguel R. Camus “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. .
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.” .
From Business World – Lloyd Edgar G. Reyes “We’re targeting to grow, still bigger than the industry,” Harris Edsel D. Jacildo told reporters at the sidelines of I-Remit’s annual stockholders’ meeting on Friday. .
He noted that 1.8 million overseas Filipino workers (OFW) were deployed in 2012, more than the 1.7 million OFWs recorded the year prior. They remitted $21.39 billion last year and $20.1 billion in 2011, and the central bank expects OFW remittance to total $22.5 billion this year. .
The recent spat between the Philippines and Taiwan, which caused a hiring ban on Filipinos, did not affect remittances from the country. “A lot of people do not know that 70% (of OFWs) are re-hires,” I-Remit Chairman Bansan C. Choa said. They are hired directly by Taiwanese firms, he noted. “If they have good experience with you, they will hire you.” .
Saudi Arabia and Taiwan did not see spikes in new deployment, the officials said, but other countries are filling this void, with I-Remit tapping new remittance markets such as Indonesians and Chinese clients. Mr. Jacildo said that there are now more Indonesians than Filipinos in Hong Kong, providing a better market. “There are 230,000 Indonesians and 170, 000 Filipinos in Hong Kong,” Mr. Choa added.” .