Megaworld, I-Remit seal collection scheme

MANILA, Philippines - I-Remit, a leading Filipino-owned non-bank remittance provider, has entered into an agreement with Megaworld Corp. for a real estate collection scheme.

In a disclosure to the Philippine Stock Exchange, I-Remit president and chief operating officer Harris Jacildo said they have signed a memorandum of agreement (MOA) with Megaworld to improve the collection efficiency of the property firm.

Jacildo said Megaworld also appointed I-Remit to act its real estate collection and remittance agency for their clients worldwide including Filipino workers, immigrants and other nationalities.

“Neither party has an obligation to market, promote or endorse the other party’s products and services,” the I-Remit official stressed.

Megaworld has been aggressively expanding its business. Recently, it said it would allot P35 billion for capital expenditures this year alone for its projects.

The Andrew Tan-led property group recorded P63.5 billion in residential reservation sales last year. This translated into a total saleable area of more than 550,000 square meters (sqm.), a 71-percent growth from a year ago.

The Megaworld Group is composed of three brands: Megaworld, medium-cost housing arm Empire East Land Holdings Inc. and affordable housing unit Suntrust Properties, Inc.

Megaworld is the property arm of Alliance Global, which is also into liquor (Emperador Distillers Inc.), fastfood (McDonald’s franchise operator Golden Arches Development Corp.) and hotels and casino (Travellers International Hotel Group. Inc.).

Meanwhile, I-Remit, formed in 2001, is in the business of fund transfer and remittance services, from abroad into the Philippines. It also provides courier or freight forwarding services, and conducts foreign exchange transactions.