SEC Form 20-IS - iRemit Global Remittance

Total liabilities increased by PHP 25.2 million or 2.8% from PHP 912.7 million as of December
31, 2011 to PHP 937.9 million as of March 31, 2012. Current liabilities increased by PHP 25.2
million or 2.8% from PHP 912.6 million as of December 31, 2011 to PHP 937.8 million as of
March 31, 2012 mainly due to the increase in Beneficiaries and other payables by PHP 63.3
million or 26.4% from PHP 240.0 million as of December 31, 2011 to PHP 303.4 million as of
March 31, 2012. Interest-bearing loans decreased by PHP 48.0 million or -7.2% from PHP
666.0 million as of December 31, 2011 to PHP 618.0 million as of March 31, 2012. Interestbearing
loans consist of unsecured, short-term peso-denominated loans from various local
financial institutions with interest rates ranging from 5.0% to 6.75% per annum in First Quarter
2012 and 5.0% to 7.0% in 2011.
Accounts payable and other liabilities increased by PHP 73.2 million or 29.7% to PHP 319.8
million as of March 31, 2012 compared with PHP 246.6 million as of December 31, 2011.
Comprising Accounts payable and other liabilities are payables to beneficiaries of PHP 232.9
million, payables to agents, couriers and trading clients of PHP 34.6 million, accrued
expenses of PHP 17.2 million, withholding tax payable of PHP 2.2 million, advances from
related parties of PHP 12.2 million, income tax payable of PHP 16.4 million, payables to
government agencies of PHP 1.4 million, and other non-trade payables of PHP 2.9 million.
Noncurrent liabilities amounting to PHP 0.12 million as of March 31, 2012 consist of
retirement liability of PHP 0.09 million and deferred tax liability of PHP 0.03 million.
The Company’s stockholders’ equity as of March 31, 2012 stood at PHP 1.387 billion, higher
by PHP 26.2 million or 1.9% against the year-end 2011 level of PHP 1.361 billion due to
higher net income.
The Bangko Sentral ng Pilipinas reported last month that money transfers by overseas
Filipinos grew by 5.8% to USD1.587 billion in February 2012 from USD1.5 billion a year
earlier. On a year-to-date basis, the total remittance inflows amounted to USD3.144 billion in
January to February of 2012, growing by 5.6% against the inflows of USD2.977 billion in the
first two (2) months of 2011. The continued inflow of remittances is supported by the
sustained demand for Filipino manpower in various foreign labor markets. The Philippine
Overseas Employment Administration (POEA) recently announced that it expects over a
million highly skilled Filipino workers would be hired abroad this year. The latest data from the
POEA showed that for the period January-March 2012, job orders for professional and
technical, service and production workers increased 24.6% to 200,010 compared with the
same period last year. These are mainly intended for employment opportunities in Saudi
Arabia, United Arab Emirates, Qatar, Taiwan, Kuwait, Singapore and Hong Kong, among
others.
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