Discovery Group exits remittance business

MANILA, Philippines — The Discovery Group, through its parent JTKC, has divested nearly all of its shares in remittance service provider I-Remit Inc., the company said in a disclosure.

Given its status as a minority shareholder, JTKC has likewise ceded all management and control of I-Remit to businessman Ben Tiu, thus fulfilling an agreement the two parties signed last year.

Tiu is currently I-Remit’s vice chairman and CEO. He has been a company director since 2001, and previously served as chairman and CEO from 2001 to 2004.

According to Discovery Group director Nonoy Tan, the  move is aligned with the company’s overarching strategy of focusing on core businesses of hospitality and real estate, building capacities and ensuring long term growth.

“Thankfully, we are already way beyond the pandemic-recovery period, and are currently on expansion mode. Through the Discovery Group, we are now making up for lost ground.”

For Discovery, the priority is to establish an even larger footprint across the country, particularly outside of Manila.

“We recently launched two very successful destination properties, namely the Discovery Samal Resort, as well as Manami Resort in Sipalay (Negros Occidental). In a short time from now, we will soon launch Elize Point,  which many already consider Davao’s most exclusive subdivision, due in large part to its sweeping views of Davao Gulf and Mount Apo,” Tan noted.

“We are also very busy with our Kip+Kin project in El Nido, which is scheduled to open by the first quarter of 2025,” Tan added.