Remittances from Libya, Yemen, Bahrain 1.3% of total, says central bank

Money sent home by overseas Filipino workers in strife-torn countries in the Middle East and North Africa is only 1.3 percent to the total remittances last year, the Bangko Sentral ng Pilipinas (BSP) said Thursday. "The potential disruption [of money transfers] is something we can tolerate," BSP Assistant Gov. Cyd Tuano-Amador told reporters. But this disruption could eventually matter if the violence continues in strife-torn Libya, Yemen, and Bahrain, she added. Remittances grew 8.2 percent to a record $18.76 billion last year, from $17.35 billion in 2009, as demand for skilled Filipino workers remains strong, the central bank reported on Feb. 15. The remittances account for around 10 percent of the Philippines' gross domestic product, which expanded 7.3 percent last year, the highest in 34 years. Amador pointed out that the BSP is closely watching developments in the Middle East and North Africa, and how the escalating political turmoil may impact on the ability of Filipinos to send money. "Fortunately for us, this [disruption] happened when the global economy is already recovering," she said. The Bangko Sentral sees remittances growing 8 percent this year, breaching $20 billion, a new record. Demand for skilled Filipinos remains strong, the central bank said. — JE/VS, GMA News