Remittances still healthy despite global downturn
11/18/2008 | 01:30 AM
MANILA, Philippines - Remittances from Filipinos living and working abroad remain robust, with the central bank on Monday reporting year on year growth of 16.9% in September even as global economic conditions worsened.
This compared to 10.36% growth recorded a month earlier, and pushed the 2008 tally to $12.27 billion so far, up 17.1% compared to the same period last year.
Monthly remittance flows have remained above the $1-billion mark for the past 29 months, with September’s result at $1.33 billion.
"Robust remittance flows have been shored up by strong overseas demand for Filipino skills, and the greater availability of expanded money transfer services to overseas Filipinos and their beneficiaries," BSP Governor Amando M. Tetangco, Jr. said in a statement.
Preliminary data from the Philippine Overseas Employment Administration pointed to a 25.9% increase in deployment for the period. - BusienessWorld
This compared to 10.36% growth recorded a month earlier, and pushed the 2008 tally to $12.27 billion so far, up 17.1% compared to the same period last year.
Monthly remittance flows have remained above the $1-billion mark for the past 29 months, with September’s result at $1.33 billion.
"Robust remittance flows have been shored up by strong overseas demand for Filipino skills, and the greater availability of expanded money transfer services to overseas Filipinos and their beneficiaries," BSP Governor Amando M. Tetangco, Jr. said in a statement.
Preliminary data from the Philippine Overseas Employment Administration pointed to a 25.9% increase in deployment for the period. - BusienessWorld
