GLOBAL remittance company iRemit Inc. reported Monday that remittance volume grew 59 percent in the first two months of the year to $155 million from $97 million a year earlier.

In a statement, the country’s largest nonbank remittance firm said its growth was nearly four times the industry growth rate of 15.5 percent. According to the Bangko Sentral ng Pilipinas, inward remittances of overseas Filipinos as of end-February this year reached $5.52 billion compared to $2.18 billion in the same period last year.

iRemit’s biggest growth came from the Middle East at 99 percent; Asia Pacific at 67 percent; and North America at 46 percent, the company said in the statement.

Harris Jacildo, president and chief operating officer of iRemit, said the company is growing at a faster pace because of aggressive efforts to extend its reach in Asia, Europe, Middle East and North America, particularly in countries where OFWS (overseas Filipino workers) are concentrated.

We expect to maintain that rate until the end of the year,” he added.

iRemit’s partnerships with institutions in host countries helped boost its remittance volume. “We are maintaining our position in the industry through expansion programs in countries with high densities of OFWs. At the same time, we are also strengthening iRemit’s financial position and operational capabilities to better capitalize in opportunities and provide an increasing array of products and services,” Jacildo added.

The company is now touted as the fastest growing remittance company in the country enjoying leadership in auxiliary services by accepting and remitting monthly major contributions to major government institutions.

iRemit will soon offer a comprehensive set of bills payment service such as those for electricity, water, telephone and cable television. “iRemit will be the  first one-stop shop for remittance payment services for OFWs,” Jacildo said.

iRemit operates in 25 countries and territories worldwide through wholly owned subsidiaries, partners and tie-ups. 

Intensified marketing efforts and strong networks and partnerships in countries where it is present back the company’s continued growth. iRemit is fully committed to be the “ultimate choice remittance service provider globally,” the company said in the statement.

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GLOBAL remittance company iRemit Inc. reported Monday that remittance volume grew 59 percent in the first two months of the year to $155 million from $97 million a year earlier.

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