New York, Aug. 28, 2014 (GLOBE NEWSWIRE) -- Jose L. Cuisia, Jr., Ambassador of the Republic of the Philippines to the United States of America, and Samish Kumar, CEO of TRANSFAST, a leading international money transfer company, discussed ways to promote international commerce to the Philippines today at a luncheon meeting held at the Harvard Club. Other notable dignitaries attending included a number of US-based, senior-level business executives representing a wide range of global firms. Industries represented included financial services, consumer package goods, equipment manufacturers, communications, philanthropy, and government.
Nearly 3.5 million temporary and permanent Filipinos reside in the U.S, with another 850,000 in Canada. Together, they send nearly $13 billion-or more than half of the approximately $25 billion--of global, cross-border remittances sent annually to the Philippines. TRANSFAST delivers a large percentage of these remittances, making the company a significant player in the economy of the Philippines.
"On behalf of the Republic of the Philippines and our proud people, I would like to thank TRANSFAST Worldwide Money Transfer for sponsoring this business luncheon promoting international commerce with the Philippines," Ambassador Cuisia said in a statement. "TRANSFAST, through its remittance services as well as direct promotion of events such as these, has a long and strong history of supporting Filipinos both abroad and at home."
Kumar, who hosted the luncheon as a way to encourage new thinking and further progress in growing the Philippines' economy, said, "TRANSFAST has a 25-year commitment to the well-being of Filipinos, wherever they may be across the globe. We are proud to be a contributor to the health and growth of the Filipino economy."
ABOUT TRANSFAST
TRANSFAST, an international money transfer and payments company in the $436 billion annual global remittance industry, operates a proprietary network of over 200,000 payment points across more than 100 countries in the Americas, Asia, Europe, and Africa.
In July 2014, TRANFAST expanded instant bank deposits for money transfers to the Philippines to over 20 banks, making it the only remittance company offering instant deposits to such a large roster of banks in the Philippines. Through TRANSFAST's enhanced partner network, customers from the Americas, Europe, and Asia can make instant deposits 24x7x365 --whether online at TRANSFAST.com or in person at agent locations--to the Philippines.
A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=27378
