SEC Form 20-IS - iRemit Global Remittance

6. Cash and Cash Equivalents
This account consists of:
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2011 2010
Cash on hand P=24,772,521 P=41,745,551
Cash in banks (Note 22) 642,750,978 685,920,368
P=667,523,499 P=727,665,919
Cash in banks earn interest at the respective bank deposit rates.
In 2011, 2010 and 2009, interest income amounted to P=2.95 million, P=3.22 million and
P=7.67 million, respectively.
The Parent Company’s cash and cash equivalents denominated in foreign currency, with
corresponding Philippine peso (PHP) equivalent, are as follows:
December 31, 2011 December 31, 2010
Amount PHP equivalent Amount PHP equivalent
USD 1,263,619 P=55,397,057 1,026,855 P=45,017,323
EUR 600,992 34,093,651 321,739 18,652,502
SGD 440,811 14,890,031 89,587 3,037,917
AUD 45,588 2,016,565 184,346 8,220,734
GBP 14,873 1,007,585 14,752 1,002,493
NZD 4,809 162,105 7,518 251,806
HKD 23,219 130,905 − −
QAR 275 3,312 275 3,312
CAD – – 139,422 6,110,427
P=107,701,211 P=82,296,514
Cash in banks earn interest rates in 2011, 2010 and 2009 ranging as follows for:
PHP-Denominated 0.50% to 2.00%
Foreign Currency-Denominated 0.25% to 0.50%
7. Accounts Receivable
This account consists of receivables from:
2011 2010
Agents P=993,280,050 P=1,081,402,745
Couriers 3,523,052 34,283,201
P=996,803,102 P=1,115,685,946
Receivables from agents pertain to advances made to fund the remittance transactions to
beneficiaries. These are settled within 1 to 5 days from transaction date.
Receivables from couriers pertain to advances made to the courier companies to ease up the doorto-door
delivery of the remittances to the beneficiaries. These are settled within 30 to 60 days
from transaction date.
*SGVMC116501*