iRemit IPO Investment
For the first time, I invested recently in the stock market via Citisec Online. Citisec Online Vice-President Juan Barredo briefly mentioned iRemit during a How to Invest in the Stock Market Seminar sponsored by the Network for Enterprising Women and Citisec Online.
The IPO for iRemit was available that day, 06 October 2007, from Citisec Online Marketing representatives, and, without blinking, I invested in the minimum amount of required shares. Foolhardy? Maybe, but there were a couple of facts that caught my attention.
Balikbayan Remittances I knew that balikbayan remittances ran into the billions and a major contributor to the Philippine economy. So the business for iRemit will likely grow.
Gutsy Move But more than anything else, I like the fact that iRemit is willing to pit itself against the banking giants. It speaks of the fighting character of the company and the Board of Directors and Officers who run it.
Research After the Fact Contrary to expert advice, I did my research after the fact and found that according to Inquirer, iRemit has “proved to be a hot item among brokers and institutional investors after generating hefty demand.”
Listing of the iRemit shares will be on 17 October 2007.
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It did pretty well on its inaugural day. I invest in ipos too and put in a few thousand for I-remit.
Dear iREMIT Management,
I am an OFW here at Calgary, working as a Senior Control Systems Engineer for an Oil and Gas Consulting Firm for the past 3.5 months now. I came here in a Working VISA status, but I’m still a permanent resident of SIngapore. I’m writing this message to seek fair and justifiable foreign exchange rate as I’m regularly sending money back to my family in Singapore fornightly.
One thing that I don’t understand is how iREMIT conducts business in terms of foreign remittances with respect to the current international foreign exchnage market rate. When I made a remittance from Canada to Singapore with an existing Market rate of CD$1 (Canadian Dollar) = S$ 1.50157 (Singapore Dollar), iREMIT gave me a rate of CD$1 = S$ 1.45 (Which I presume that their profit will be 1.50-1.45 = S$ 0.05 per Canadian Dollar).
However the following 2 weeks later (Which is in fact today), the current exchange rate in the market is CD$1 = S$1.53724, but surprisingly, they gave me a rate of CD$1 = S$ 1.44, which is S$0.01 lower than the previous rate I mentioned here and their profit rose to S$ 0.0974 per Canadian dollar.
I don’t see any rational or logic with that kind of exchange rate policy, where the value of Canadian dollar rose up to a higher rate against the Singapore dollar, but iREMIT varies inversely with the current International exchange rate, whilst the Canadian Dollar to Peso is the reverse, i.e. iREMIT rate offers a higher rate as compared to the current market exhange rate. I see some commercial injustice here.
I am a business man too of my own, other than being an engineer and this whole thing to me appears outrageously ridiculous. I hope you will give attention to this matter and become a partner in improving the lives of the Filipino OFW’s or residents overseas.
Looking forward to your kind assistance.
Regards,
Frederick David Magcawas
Senior Automation Controls Systems Engineer
COLT-Worley-Parsons Engineering Consultant
Suncor Voyageur Hydrotreater Project
Unit 11, 10910 Heartstone Place
Bonaventure Drive South East
CALGARY, ALBERTA, CANADA, T2J 4Y9
Tel. 1-403-692-1963
Email: freddavid45@yahoo.ca