Insular life taps I-Remit
Manila Bulletin, Monday, April 04, 2011By James A. Loyola
MANILA, Philippines -- I-Remit Inc. (I-Remit), the largest Filipino-owned and non-bank money remittance company has forged a partnership with the Philippines largest Filipino insurance company, Insular Life Assurance Co. Ltd.(Insular Life) for premium collection.
In a statement, I-Remit said it may now accept payments for insurance premiums from Insular Life policyholders in any of its foreign offices, partners and affiliates under its collection agreement. “This agreement simply shows the commitment that I-Remit has with the overseas Filipino workers by giving additional services to them,” said I-Remit chairman Bansan C. Choa.
He added that ‘it also makes us proud to have Insular Life, another Filipino-owned company and a leader in its industry, join us in our aim to give our fellow Filipinos abroad the facility to settle their respective insurance policies under Insular Life at all I-Remit offices, partners and affiliates globally.”
I-Remit has existing partnerships and collection agreements with some government agencies such as SSS, Pag-IBIG and Philhealth. It also has similar partnership agreements from various industries such as real estate, appliance and food.
“Adding this service in our current roster of offerings to our clients apart from the core remittance service, gives the OFWs access to different products and services, this time to long term investments in the form of insurance,” said I-Remit President Harris E.D. Jacildo.
I-Remit has a growing network in 27 countries in the Asia Pacific, North America, Europe and the Middle East region.
The firm recently took full control of Worldwide Exchange Pty Ltd., a remittance unit in Australia by buy¬ing out a 35 percent stake held by individual minority investors.
I-Remit said its board of directors had approved the company's acquisition of the shares in WEPL held by Leticia Yap Tay (20 percent), Banlee Co Choa (10 percent) and Johnny Sy (5 percent).
The total consideration for the transaction was $274,345 Australian dollars (roughly P12.3 million), which would be sourced from internally generated funds, Jacildo said.
WEPL, which was incorporated in 2003, is engaged in the remittance business in Australia. It operates branches in Blacktown, New South Wales and Perth, Western Australia. It is capitalized at $100,000 Australian dollars (P4.47 million).
Prior to the new acquisition, the corporation directly owned 35 percent of WEPL's capital stock and held 30 percent indirectly through another subsidiary I-remit Australia Pty Ltd.
"Thus with the new acquisition, the corporation will own directly 70 percent and indirectly 30 percent of WEPL," I-Remit said.