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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As at December 31, <strong>20</strong>11, the Group has past due but not impaired receivables from agents<br />
amounting to P=8.77 million. These receivables have been outstanding for more than six months<br />
but less than one year. No impairment was recognized relative to these receivables. There are no<br />
past due but not impaired receivables as of December 31, <strong>20</strong>10.<br />
Foreign Currency Risk<br />
Foreign currency risk is the risk to earnings or capital arising from changes in foreign exchange<br />
rates. It is the Group’s policy that all daily foreign currencies, which arise as a result of its<br />
remittance transactions, must be traded daily with bank partners only at prevailing foreign<br />
exchange rates in the market. The daily closing foreign exchange rates shall be the guiding rate in<br />
providing wholesale rates and retail rates to foreign offices and agents, respectively. The trading<br />
proceeds will be used to pay out bank loans and other obligations of the Group.<br />
The tables below summarize the Group’s exposure to foreign exchange risk. Included in the tables<br />
are the Group’s foreign currency-denominated monetary assets and liabilities as of<br />
December 31, <strong>20</strong>11 and <strong>20</strong>10, and their PHP equivalent.<br />
<strong>20</strong>11<br />
Cash and Cash<br />
PHP<br />
Currency<br />
Equivalents Receivables Payables Total Equivalent<br />
CAD 1,774,317 2,993,761 (52,132) 4,715,946 P=<strong>20</strong>1,888,510<br />
EUR 1,079,751 370,790 (58,<strong>20</strong>3) 1,392,338 78,985,839<br />
HKD 12,632,975 10,000 (106,006) 12,536,969 70,680,963<br />
SGD 440,811 1,628,629 – 2,069,440 69,903,060<br />
AUD 792,392 765,809 (45,767) 1,512,434 66,901,848<br />
USD 1,263,619 246,093 – 1,509,712 66,185,751<br />
GBP 166,587 851,560 (23,301) 994,846 67,396,873<br />
NTD – <strong>20</strong>,248,641 – <strong>20</strong>,248,641 29,<strong>20</strong>5,344<br />
NZD 128,013 268,978 (5,630) 391,361 13,192,<strong>20</strong>5<br />
QAR 275 – – 275 3,311<br />
Net exposure P=664,343,704<br />
<strong>20</strong>10<br />
Cash and Cash<br />
PHP<br />
Currency<br />
Equivalents Receivables Payables Total Equivalent<br />
CAD 1,109,576 2,765,810 (121,524) 3,753,862 P=164,519,939<br />
EUR 1,303,292 360,688 (96,888) 1,567,092 90,850,617<br />
HKD 5,410,983 14,370,305 (154,859) 19,626,429 110,564,310<br />
SGD 89,587 1,254,112 – 1,343,699 45,565,156<br />
AUD 470,898 718,244 (14,991) 1,174,151 52,360,146<br />
USD 1,026,855 901,651 – 1,928,506 84,545,703<br />
GBP 153,415 570 (25,738) 128,247 8,715,<strong>20</strong>2<br />
NTD – 23,731,378 – 23,731,378 35,581,1<strong>20</strong><br />
NZD 128,277 105,825 (5,412) 228,690 7,659,688<br />
QAR 275 – – 275 3,312<br />
Net exposure P=600,365,193<br />
*SGVMC116502*
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