’05 remittances at $114.5M

Some $114 million flowed out of the CNMI in the form of remittances in 2005, based on recently released government data.

The same data showed that a new player in the money remittance market, Western Union, has quickly climbed to the top based on the last quarter of 2005.

From an insignificant market share of $117,938 in the last quarter of 2004, Western Union cornered $6.6 million in the third quarter of 2005 and some $6.2 million in the fourth quarter of the year, making it the top performer among 21 remittance centers in the CNMI during the two periods.

Its total remittances during the last two quarters represented 21 percent of the market.

Overall, however, Western Union ranked second during the year to America Joint-Partner Corp., which posted a total of $22.6 million in remittances, reflecting 20 percent of the market.

Western Union finished with $17.7 million or 15 percent of the market.

Data showed that America Joint-Partner Corp., which has consistently topped the list, got $5.5 million during the 4th quarter of 2004; $6.5 million during the 1st quarter of 2005; $3.9 million during the 2nd quarter; $6.3 million during the 3rd quarter, and $5.9 million during the 4th quarter of 2005.

Western Union, meantime, received $1.7 million in the 1st quarter, $3.2 million in the 2nd quarter, $6.6 million in the 3rd quarter, and $6.2 million in the 4th quarter of 2005.

As of the last quarter of 2005 ending in December, the top remitters are the following: Western Union with 21 percent, AJPC with 20 percent, Rustan’s Foreign Exchange and LBC Mabuhay with 11 percent each, PNB Corp. and Xiong Wai Company with 8 percent each, Apex Remittance with 7 percent, and PQ Corp. with 6 percent.

For the entire year, the top performers are AJPC, 20 percent; Western Union, 15 percent; LBC Mabuhay, 11 percent or $12.9 million; PNB Corp. and Rustan’s Foreign Exchange, 10 percent each or $11.5 million and $11.8 million, respectively; Apex Remittance, 8 percent or $8.7 million; Universal Group Dev. Inc. and Xiong Wai Company, 6 percent or $7.4 million each; and PQ Corp., 5 percent or $5.8 million.

Other remittance centers posted a 2-percent-and-below market share.

The CNMI has some 40,000 nonresident workers—mostly Filipinos and Chinese—who remit regularly to their families back home.