17 July 2009
I-REMIT, INCORPORATED (iRemit), the largest non-bank Filipino-owned remittance company, is eyeing on expanding its operations in Italy – a well-known migration destination in Europe and a home to thousands of Filipino workers. Italy, as statistics shows, is the fourth-largest source of remittances after the U.S., Saudi Arabia, and Canada.
“There has never been a better time for iRemit to set foot in Italy. The prospect of doing remittance business there has been very encouraging due to the sustained demand for Filipino workers to be deployed in the service sector,’ shares Bansan Choa, Chairman and CEO.
At present, the number of Filipino workers in Italy is estimated to be at over 200,000 engaged in skilled and unskilled professions. Majority of the workforce, about 63%, are women.
"The Filipino migrants in Italy are generally educated, most of them having exposure and access to different money transfer services. This poses a challenge, yes, but we are positive that we can exceed customer expectations by offering them innovative, fast, safe and reliable remittance products and services,' says Harris Jacildo, President and COO.
At present, iRemit is still waiting for the release of its license to operate in Italy. In the interim, the company is fine tuning its strategy including products to offer, location of business and general and administrative management initiatives.
iRemit is also looking forward to establishing its presence in Switzerland and Greece through partnerships with major remittance operators. Presently, it is the largest non-bank Filipino-owned remittance company in the Philippines with a growing network of remittance centers in 26 countries across Asia Pacific, North America, Europe and the Middle East.
Forward-Looking and Cautionary Statements
Certain statements in this press release constitute forward-looking statements. When used in this press release, words such as "will," "believe," "expect," "anticipate," "encouraged," "foresees," "forecasts," "estimates" and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management identify forward-looking statements. Actual results could differ materially from those contained in the forward-looking statements and are based on current expectations that involve a number of risks and uncertainties, including, but not limited to, the timing of closing of books and issuing final financial results. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations and financial performance and condition, including, without limitation, statements regarding iRemit's expected revenues, profit and income results. Similarly, statements herein that describe the iRemit's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the company's filings with the Philippine Stock Exchange. The forward-looking statements included in this press release are made only as of the date of this press release and iRemit undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.
JUSTINE P. CASTELLON
[email address dedicated to press room firstname.lastname@example.org]
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