by Albert Castro

Non-bank remittance company iRemit Inc. yesterday said the remittances it handled for the first two months of the year grew by nearly 60 percent, eclipsing the growth of the remittance industry for the period.

It said it transferred $155 million in the first two months compared to $97 million last year. That was also nearly four times the industry’s 16-percent expansion for the period as reported by the Bangko Sentral ng Pilipinas.

For Jan-Feb, the BSP said overseas Filipinos remitted $2.5 billion compared to $2.2 billion in 2007.

Harris Jacildo, president of iRemit, said that while the industry is continuing with its growth, the company is growing at a faster pace because of aggressive efforts to extend reach in Asia, Europe, the Middle East and North America, particularly in countries where OFWs are concentrated.

"We expect to maintain that growth rate until the end of the year," he said.

"We are maintaining our position in the industry through expansion programs in countries with high densities of overseas Filipinos. At the same time, we are also strengthening iRemit’s financial position and operational capabilities to better capitalize on opportunities and provide an increasing array of products and services," he added.

In 2006, iRemit said it handled $762.3 million, 37 percent more than $555.6 million from a year earlier.

The company currently operates in 25 countries worldwide through subsidiaries and tie-ups. It has a total of 2,814 pay-out stations in the Philippines.