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iRemit reports huge jump in remittance volume


MANILA, Philippines - iRemit Inc., the largest Filipino-owned non-bank remittance company, on Friday announced that it posted its highest remittance volume in the last five months in May. In a report to the Philippine Stock Exchange, iRemit said its May remittances jumped 74 percent to $105 million. The May 2008 remittances brought the company's first five months' remittance volume to $433.4 million or a 56.95-percent improvement from the same period last year. "Being a low cost yet dependable remittance services provider strikes a balancing factor in a very competitive remittance industry like ours," said Harris Jacildo, iRemit president and chief operating officer, said. The Bangko Sentral ng Pilipinas earlier reported that the January to May remittances of Filipinos working and living abroad rose 14.7 percent to $6.8 billion. The company also said it will soon be opening branches in new markets such as Macau, Italy and the United States. iRemit presently operates in 25 countries across the globe. GMANews.tv
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