28 May 2009
I-Remit, Incorporated (iRemit), the country’s largest non-bank Filipino owned remittance company, and the Home Development Mutual Fund (Pag-IBIG Fund) recently inked a revised Memorandum of Agreement (MOA) covering the implementation of Pag-IBIG Fund’s Electronic Collection System (ECS) in all iRemit branches and tie-ups worldwide.
iRemit, accredited by the Fund, will have a new Collection Servicing Agreement that will ensure fast and reliable handling of remittance transactions. It will also ensure prompt and proper identification, recording, and crediting of Fund members' contributions and loan amortizations.
iRemit serves as an accredited non-bank remittance agent of the Pag-IBIG Fund, accepting remittance payments, membership contribution and loan amortizations in its overseas remittance centers and networks which are easily accessible in areas were there are Overseas Filipinos (OFs). The service is introduced through Pag-IBIG Fund's Pag-IBIG Overseas Program (POP) for members.
Bansan Choa, iRemit’s chairman and CEO explained that the improved electronic collection system facility seeks to expand and improve Pag-IBIG’s collection infrastructure in countries where there are significant numbers of Filipino workers.
According to Choa, the Pag-IBIG fund plays a big role in fulfilling the responsibilities and goals of OFWs for their families. With the assistance and initiative of Pag-IBIG fund, more people can avail of the housing projects at affordable rates. Also, OFWs who are having difficulties in settling their dues may request to have their loans restructured and may continue paying their arrears under the new condonation program.
“We consider the great contribution that our OFWs are producing to our economy. Their dreams of securing a better life for their families are also fuelling our economic growth today. So we must do whatever we can to serve them and help fulfill their dreams. And, we are very pleased with the iRemit and Pag-IBIG partnership in fulfilling that shared mandate,” added Choa.
Compared to the conventional process of accepting payments manually, the electronic collection system features the electronic capture of payment information. Contributions and loan payments settled by the members thru iRemit are transacted instantly to Pag-IBIG fund for valid transaction entries. Once the payment transaction is processed, the data is automatically recorded / documented in the ECS system, generates and forwards electronic proof of payment or EOR to iRemit.
The facility also allows secure access, and creates, retains and safeguards the resulting detailed transaction records which are accessibly by authorized personnel.
“Remittance services are becoming more sophisticated every year. We are constantly in quest of improving our services and link remittances to other socially-relevant services and products catering to the overseas Filipinos. With the enhanced partnership with Pag-IBIG fund, we are able to provide a better way of collecting membership contributions and loan amortizations – faster and more secure,” said iRemit president and chief operating officer Harris Jacildo.
The new and improved electronic collection facility for Overseas Filipinos will be implemented on June 1 in all branches and tie-ups in 25 countries in the Asia Pacific, Europe, North America and the Middle East. (end)
JUSTINE P. CASTELLON
[email address dedicated to press room email@example.com]
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