Remittances grow 3.8% to $1.2B in Nov 2007

Remittances from overseas Filipinos coursed through banks rose 3.8 percent in November to $1.2 billion, the Bangko Sentral ng Pilipinas reported Tuesday. In a statement, the BSP said earnings sent home for the first eleven months of 2007 reached $13.1 billion, 14.1 percent higher than the $11.4 billion registered in the same period in 2006. Bulk of remittance flows came from the United States, UK, Italy, United Arab Emirates, Saudi Arabia, Canada, Singapore, Japan, and Hong Kong. "The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers," the central bank said. Citing preliminary data from the Philippine Overseas Employment Administration, the BSP said total deployment in November 2007 rose 7.7 percent to 81,530 year-on-year. The BSP said the number of deployed land-based workers grew 10.1 percent while those of sea-based workers rose 3.2 percent. "Classified by skill, the bulk of deployed land-based Filipino workers comprised mostly of higher-paid professional and skilled workers such as medical and healthcare workers staff, engineers, office and restaurants/food service staff, and production-related personnel," the central bank added. The BSP expects remittances coursed through banks to reach $14.3 billion in 2007. - GMANews.TV