SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
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<strong>20</strong>. Other Operating Expenses<br />
This account consists of:<br />
- 40 -<br />
<strong>20</strong>11 <strong>20</strong>10 <strong>20</strong>09<br />
Taxes and licenses P=6,726,300 P=6,085,301 P=2,253,135<br />
Association dues 3,230,078 1,927,949 2,066,643<br />
Business development 2,974,650 2,679,500 943,210<br />
Disallowance of input VAT by BIR 2,058,616 – 1,338,804<br />
Insurance 814,865 613,229 754,666<br />
Repairs and maintenance 691,037 799,563 508,566<br />
Donations and contributions – 1,155,280 1,<strong>20</strong>9,115<br />
Miscellaneous 2,136,107 1,784,742 1,730,305<br />
P=18,631,653 P=15,045,564 P=10,804,444<br />
‘Miscellaneous’ includes various expenses incurred on recruitment, Christmas parties, and<br />
Christmas giveaways.<br />
21. Realized Foreign Exchange Gains - Net and Other Income<br />
‘Realized foreign exchange gains - net’ represents currency exchange income (net of losses)<br />
arising primarily from trading third currencies to Philippine pesos. These third currencies are<br />
sourced from the remittance transactions.<br />
‘Other operating income’ consists of:<br />
<strong>20</strong>11 <strong>20</strong>10 <strong>20</strong>09<br />
Service fees P=6,316,114 P=– P=–<br />
Rebates 2,881,469 687,509 2,595,006<br />
Foreign exchange gain - net 2,722,754 116,<strong>20</strong>5 5,172,171<br />
Reversal of foreign income tax − 2,406,695 −<br />
Dividends – 596,381 34,242,442<br />
Others 1,504,014 1,077,589 2,594,154<br />
P=13,424,351 P=4,884,379 P=44,603,773<br />
Service fees pertain to revenue earned from services rendered by the call center agents employed<br />
by the Parent Company to service the phone in transactions of its foreign subsidiary offices in<br />
Canada, New Zealand, Australia and UK (see Note 22). Also included on this classification is the<br />
service fee collected from the Social Security System (SSS) for remittance accepted and transacted<br />
by the Parent Company on its behalf amounting to P=0.15 million.<br />
Foreign exchange gain - net represents currency exchange income (net of losses) arising from<br />
revaluation of foreign currency denominated assets and liabilities.<br />
Rebates pertain to the refund of bank service charges.<br />
*SGVMC116501*
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