17 July 2009
I-REMIT INCORPORATED (iRemit), the largest non-bank Filipino-owned remittance company announced growth of inward remittances in 2008 during its Annual Meeting of Stockholders. The transaction value in U.S. dollars grew by 42-percent to US$1.1 Billion in 2008 against US$762 million in 2007. The company also ended the year with 2.4 million transactions compared to 1.9 million transactions of the previous year.
In its statement, the company continued to outpace the industry as it accelerated at a faster pace compared to the growth of remittances that were coursed through banks. In 2008, the remittance volume summed up to 16.4 billion U.S. dollars --- 13.7 percent higher than the level recorded in 2007 and slightly above the 13-percent growth forecast by the Bangko Sentral ng Pilipinas. The sustained demand for Filipino workforce worldwide, combined with greater access by workers and their beneficiaries to more efficient money transfer facilities helped shore up remittance flows. The higher level of remittances and sustained deployments indicated that labor demand remained strong in Canada, Australia, the United Arab Emirates, Qatar, and the newly-opened Eastern European labor markets.
The Philippine global deployment surged to more than 1.4 million in more than 190 host destinations - a 28-percent increase over the 1.1 workers deployed in 2007. The considerable uptrend in deployment was driven by the sustained demand for skilled workers and professionals, particularly in the health care industry.
While it was noted that the negative impact of financial global crisis in remittance business will take effect on the latter part of 2008 and early 2009, the company remained focused and positive in overcoming challenges. iRemit strengthened its every operating unit, worked in synergy with banks and payout partners, and explored fusion marketing with companies sharing target market.
The company continued mandating new standards in the remittance industry and launched the iRemit ShopNPay Visa Card, the first debit card with EMV chip technology in the country. Furthermore, iRemit introduced an innovative product line specifically designed for Filipinos abroad called iShop, a concept of ‘gift and food remittance’ for delivery to beneficiaries in the Philippines. This new service category was designed to generate additional transactions.
“Overall, 2008 was a good year (for iRemit) as it was marked by strong business growth, robust earnings and a much improved financial position for the company amidst the challenges posed by the global financial market and the economic downturns experienced by most host economies, ” Harris Jacildo, president and COO of iRemit in his report to the stockholders.
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Forward-Looking and Cautionary Statements
Certain statements in this press release constitute forward-looking statements. When used in this press release, words such as "will," "believe," "expect," "anticipate," "encouraged," "foresees," "forecasts," "estimates" and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management identify forward-looking statements. Actual results could differ materially from those contained in the forward-looking statements and are based on current expectations that involve a number of risks and uncertainties, including, but not limited to, the timing of closing of books and issuing final financial results. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations and financial performance and condition, including, without limitation, statements regarding iRemit's expected revenues, profit and income results. Similarly, statements herein that describe the iRemit's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company's filings with the Philippine Stock Exchange. The forward-looking statements included in this press release are made only as of the date of this press release and iRemit undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.
Media Contact
JUSTINE P. CASTELLON
[email address dedicated to press room iremitpress@iremit-inc.com]
