Remittances up 8.4% to $1.74B in September

1:08 am | Wednesday, November 16th, 2011

INCREASING Remittances from Filipinos abroad were up by 8.4 percent in September 2011 to $1.74 billion from $1.6 billion a year ago, according to the Bangko Sentral ng Pilipinas. AFP

Remittances from overseas-based Filipinos surged 8.4 percent in September to $1.74 billion from $1.6 billion a year ago on continued strong demand for Filipino workers in various parts of the globe.

This brought the total remittances in the first nine months of 2011 to $14.76 billion, up 7.1 percent from $13.78 billion in the same period last year.

BSP officials said the remittances as of September indicated that the total for the year could even surpass the projection of $20.1 billion, a growth of 7 percent from last year’s $18.8 billion.

Remittances are a closely watched economic indicator as these help fuel household consumption, the key driver of growth.

Officials said the sustained rise in remittances gave the country a chance to meet its economic growth target for the year despite the challenges from the external environment.

The government expects the economy to grow between 4.5 and 5.5 percent this year. Gross domestic product (GDP) expanded by 4 percent in the first semester.

Remittances in September came mostly from Filipinos based in the United States, Canada, Saudi Arabia, the United Kingdom, United Arab Emirates, Singapore, Italy, Germany and Norway.

Remittances from these countries accounted for about 85 percent, or $12.5 billion, of money sent in the first nine months.

“Remittances continued to be an important contributor in solidifying the country’s economic fundamentals amid the lingering global economic uncertainties, driven by prospects of sustained demand for Filipino workers abroad,” the BSP said.

Quoting documents from the Philippine Overseas Employment Administration, the BSP said overseas job orders that have been processed for Filipino workers reached 223,172 from January to October. Job orders came mostly from Saudi Arabia, the United Arab Emirates, Taiwan, Qatar, Kuwait and Hong Kong.

The BSP said this indicated that remittances would continue to be strong in the months ahead.

It added that efforts of banks to expand their reach to overseas-based Filipinos also contributed to the increase in remittances.

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Tags: overseas Filipino workers , Remittances

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angat talaga ang pilipino

pero mas magaling ang intsik at kastila
gawa bangko
deposito pilipino, 1% per annum
intsik at kastila bangko bili government bonds
gamit pilipino deposito, 5% per annum
intsik gawa mall, punta ofw, patay maliit pilipino negosyante

kaya sec purisima
start selling government bonds
directly to ofw’s and other pilipinos

you can even minimize loans
from chinoy and kastinoy banks and
increase the wealth of ordinary pilipinos

kung ang pilipino ang boss mo
hindi ang mga dayuhan
Anonymous

Hooray to the remittance economy!!! This is why government people are so lazy thinking about good economic restoration strategy because there are remittances that keep the country floating. Or these officials have no capability to come up with one? Ahh. this must be ther reason – brainless leaders.
http://pulse.yahoo.com/_ZUJ5PWPGPIHIHNGC66C5WHKNZA Roberto

Very true. Its only that other countries also have more and more people for to substitut RP OFWs if they are not the cheapest anymore. And then imagine if in addition to birth grow hundred thousand OFWs will be sent home. And this is unavoidable, like it or not. Other countries will not subsidize their own jobless people just for to iomport the philippine joblessness.
Anonymous

One more reason not to implement birth control but instead to export Filipinos to help with their remittances the government to waste and pocket more and more.
http://pulse.yahoo.com/_4BSNMXBJCHKDSPR37C7ZHPSM44 AL

That’s what you think… all good words was lay in these statement to all OFW and Filipinos abroad who keep on sending there hard earned money back home to help their families survive… Government Economic advisers from Gloria Arroyo to Nonoy Aquino is milking the OFWs and those Filipino abroad who sending monthly allowance to their families in the Philippines… The BIG questions that most OFW keep on wondering is that… if our economy is getting better in regards to peso gain against the dollar which is now down to below 43.00 pesos to a dollar barrier… why is it that all the prices of prime commodities still remain uncontrol and keeps going up to its ceiling price… (people are already tired of government reply that it takes time for the masses to feel it… Arroyo took the presidency for 9 years and nothing happen, actually it became worst for the general population). Let’s face it… Government are robbing the OFWs of their hard earned money… Bangko Sentral keeps on intervening in dollar exchange whenever the peso comes in to trouble… and some economic advisers of the government is the culprit who designing stupid maneuvers to rob those incoming dollars by around 35 to 60 centavos per dollar… STOP MANIPULATING the foreign exchange market, cause it doing more harm to OFW and their families….

http://pulse.yahoo.com/_ZUJ5PWPGPIHIHNGC66C5WHKNZA Roberto

Why most prices are now higher in Pesos, even imported on a much higher peso value against the dollsr? Just look at the reports of the big businesses, profit up 12%, 20%, 30% and and and. They buy into half the world out of one of the poorest nations. Thats it.

http://pulse.yahoo.com/_W4CW2XPYAQFYVQHHBX6RB5KBTQ Elizabeth Sampson

So you really think your ahead of the ball game on sending your hardworking Pinoys abroad to work. You Pinoys, are draining your good, hardworkin, educated people to live abroad and only benefit the countries they worked for. Most of these people don’t even want to go back and most will sponsor their families to live abroad. Your educated, good , hardworking people will countinue to drain your country, so wake up, Don’t think is so great here in Americas or the rest. You are greater in my book, with a lovely cultures, only if you all stop thinking abroad…and have respect to own kind.
Anonymous

It is a pity that most of the remittances are used for household consumption instead of investments in education, health, durable goods or income generating activities. Providing money for household consumption is no different from giving the man a fish so he can eat for one day. The opportunity lost by our OFWs and the families they support is incalculable. The recipients of remittance money could use the funds to establish small businesses.

http://pulse.yahoo.com/_CKBW2BZX34JXQUSVAMZVKCLNAU TagaDumantay

Many have tried but failed, we don’t have the know how to run a business specially our relatives who think that its ok to plunder the capital since OFWs are rich already. Our neighbors / friends who always want to get credit but never think of paying. If chance they got money, instead of paying, they prioritize shopping at the mall.

The usual story is that it is earning the first time, then later on the caretaker start to short changed the OFW, then lost of capital and eventual closed the business.
Don’t believe the training for business provided by Government; they tell you only of the good things but not the expected problems. So once you engaged in business and have only short capital to stand the learning period, most likely you are close on the 6th month.

Anonymous

That is what happens when the family members just wait for money from the OFW that sends it. Remittances only foster the development of mendicancy. The relatives become lazy and act like leeches. It is also untrue that those OFWs are rich. They are able to remit money because they inhibit themselves from splurging on themselves. Regarding vocational training – it does not matter whether the government or some private institution does the training. What is important is that Pinoys ARE trained in skills that would help them make money IN the Philippines and NOT foreign country.

http://pulse.yahoo.com/_WYSEPM7BIAEMCNNASWOWQ5RTKY Ang Kampanero

this is good news, especially for the families of OFWs in the country. good news also for the honorable officials of gov’t kasi they will not have to think harder to have the country earn more revenues,kasi tuloy-tuloy naman ang kayod ng mga OFWs natin para paginhawain ang buhay ng kani-kanilang pamilya even without the help of gov’t. all these honorable gov’t officials have to do is coast along, easy job, easy life, see the world. what else can they ask for?

Remittances up 8.4% to $1.74B in September

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