iRemit plans to set up shop in Japan

MANILA, Philippines - iRemit Inc., the country’s largest non-Filipino owned non-bank remittance firm, plans to make its presence felt in Japan as it seeks to sustain last year’s double digit growth in remittance volume.

In a briefing yesterday, i-Remit president and chief operating officer Harris Jacildo said the company continues to be optimistic about its prospects this year in spite of the lingering uncertainties in the euro zone and the US.

 “We grew faster than the projected growth rate of the industry last year. We expect to maintain this this positive performance this year by continuing to cater to our market,” Jacildo said.

He said the firm is targeting to exceed last year’s total remittances valued at $1.4 billion.

 “The consistent increase of remittances gives the Philippine economy a chance to hold its own against challenges brought on by the global economic crisis. When most economies began to suffer the effects of the euro crisis and a weakening US economy, the Philippines was protected by the inflow of remittances into the country,” Jacildo said.

Jacildo said Japan offers a good alternative for expansion due to the high concentration of Filipinos living there. The company, however, has yet to decide which city it plans to set up shop.

Aside from Japan, Jacildo said the company would continue to enlarge its presence in the Middle East with plans to penetrate Saudi Arabia. Negotiations are ongoing with Bank Al Bilad for a possible partnership, he said.

Bank Al Bilad is engaged in providing commercial and investment banking services in accordance to Islamic Sharia.

To further widen its customer base, i-Remit will launch an online platform, IDOL (i-Remit delivery online) which will initially be available to Filipinos living in Canada. “Consumers are becoming comfortable with online transaction so we decided to launch IDOL,” Jacildo said.

i-Remit revolutionized the remittance business in the Philiippines by being the first to utilize the Internet platform in providing remittance services. It utilizes its unique technological capabilities to provide faster and cheaper remittance services. The company has been known for continuously seeking ways to improve its businesses to to offer a wider set of alternatives and better products and services to customers.

i-Remit is currently present in 26 countries and territories throughout the world through its network of subsidiaries, joint ventures, strategic partnerships and tie-ups.

Jacildo said the company maintains one of the widest and diversified networks for service fulfillment in the local remittance industry through its partnership with commercial banks, thrift and rural banks, and pawnshops.