Filtered By: Money
Money

August remittances up 11% to $1.67B, says BSP


Overseas Filipino workers (OFWs) transferred $1.67 billion in August, up by 11.1 percent year-on-year, the Bangko Sentral ng Pilipinas said Monday. "Remittances from overseas Filipinos coursed through banks grew by a double-digit rate for the first time during the year to reach $1.67 billion," BSP Gov. Amando Tetangco Jr. said in a statement. "Notwithstanding lingering global economic uncertainties, the cumulative stream of remittances from overseas Filipinos continued to be solid and resilient, supported by sustained demand for Filipino skills abroad," the BSP chief said. The August remittances bought to $13.021 billion the total cash transfers by Filipinos abroad, up by 6.9 percent from $12.181 billion in the same 2010 period, BSP data showed. Cash transfers by sea-based Filipino workers jumped 14.4 percent and the money sent home by land-based Filipinos grew 5 percent. The central bank estimated that 85 percent of total remittances in the first eight months came from Filipinos working in the US, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany, and Norway. Banks and financial institutions now offer more cash-transfer options for Filipinos abroad and their beneficiaries in the Philippines, encouraging more clients to use formal channels for their money transfers, Tetangco said. Commercial banks also continue to “build up their network of remittance business partners worldwide [and have] contributed to the country's larger share of the global remittance market," central bank chief noted. “Partnerships have been strengthened with correspondent banks and with other remittance companies abroad," he added. 'The run up to December' The BSP last April lowered its remittance growth forecast to 7 percent or $20.1 billion for the whole of 2011, from the original target of 8 percent or $20.2 billion, citing the tensions in the Middle East and North Africa (MENA) and the devastation suffered by Japan early this year. It expects a slower growth of 5 percent or $21.2 billion next year. Despite the tensions in the MENA states, Tetangco said OFW remittances will pick up in run up to December, Tetango noted. "Going forward, the remittance outlook for the remaining months of the year remains favorable as government redeployment strategies are in place to help Filipino workers affected by the social unrest in the MENA region," he said. OFW remittances grew by 8.2 percent to a record $18.76 billion last year from $17.35 billion in 2009. The Philippine Overseas Employment Administration (POEA) reported stable employment prospects for OFWs. The number of processed job orders climbed by 8.6 percent to 193,176 in January to September this year for Saudi Arabia, United Arab Emirates, Taiwan, Qatar, Kuwait, and Hong Kong from 177,936 in the same period last year. Another batch of licensed Filipino nurses and caregivers are expected to be deployed in Japan next year under the Philippines-Japan Economic Partnership Agreement, the POEA said. — VS, GMA News

LOADING CONTENT