iRemit posts 52% jump in Jan-Sept remittances
abs-cbnNEWS.com | 11/27/2008 6:42 PM
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Money transfer firm iRemit Inc. said Thursday its remittance volume in the first nine months of the year rose 52 percent to $816 million despite the global economic downturn.
The company said the growth was above the industry's 17.1 percent expansion during the period under review.
"Our worldwide momentum continues as we emphasized on product variety and value, exceptional customer service, and innovative marketing and contemporary promotion programs," said iRemit president and chief operating officer Harris Jacildo.
He noted sustained positive growth in Canada drove iRemit's sales in North America by 19 percent, in Asia Pacific by 25 percent, and Europe by 14 percent. Sales increased by 59 percent in the Middle East due to aggressive and relevant promotions developed primarily for agents and tie-ups that contributed to this performance.
"We realigned our tactical operations such that efforts and resources are deployed in areas where business opportunities are greater. Like in the case of North America, we give emphasis more to Canada than the United States," Jacildo added.
iRemit currently has 3,635 remittance pick-up centers nationwide and 610 outlets across the globe.
The company earlier said it was spending P800 million to expand into new markets, including the US, Western Europe and Saudi Arabia.
This year, remittances from overseas Filipinos are expected to reach P16.4 billion, with iRemit accounting for 8 percent of the total, according to Jacildo.
