Remittances rose 7.6% to $1.8B in August

12:35 am | Tuesday, October 16th, 2012

Cash remittances from overseas-based Filipinos sent through banks reached $1.8 billion in August, increasing at a 10-month high of 7.6 percent from $1.67 billion in the same month last year.

Remittances in August eased from $1.81 billion in July, but still higher than the $1.7 billion average for the first seven months of the year.

This brought the inflows for January to August to $13.7 billion, 5.5 percent higher than the $15.3 billion sent in the same period of 2011.

The Bangko Sentral ng Pilipinas said in a statement that eight-month fund transfers rose following a steady stream from both sea- and land-based workers, who accounted for $3.2 billion and $10.5 billion, respectively.

According to BSP officer-in-charge Juan D. de Zuñiga, growth in remittances was sustained by higher transfers—including non-cash items—from land-based OFWs with work contracts of at least one year as well as all OFWs with contracts of less than a year.

The BSP also measures “personal remittances,” which cover cash and goods carried into the country as well as travel expenses in countries where the senders work.

In terms of territories from where the funds were sent through banks, the top source was the United States with 43 percent of the total for the eight months. Other key sources were Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates and Singapore.

Citing preliminary data from the Philippine Overseas Employment Administration, the BSP said there was continued demand for skilled Filipino workers, with 231,316 job orders for the nine months to September. These workers are needed in Saudi Arabia, UAE, Qatar, Kuwait and Taiwan.

“With expectations of sustained demand for skilled Filipino workers overseas, remittances are projected to continue to boost economic activity and provide a steady supply of foreign exchange,” Zuñiga said.

“Moreover, the increasing use of financial channels for transfers and the continued introduction of innovations in remittance products are expected to contribute to the steady flow of remittances into the country,” he added.—Ronnel W. Domingo

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Tags: overseas Filipino workers , Philippines , Remittances

http://pulse.yahoo.com/_UOVXHRXWDYPTBKNF5YTIAPVUKM Lee Soleil

TO ALL OFW, WHY DONT WE UNITE AND SEND HALF ONLY OF OUR SALARY FOR A MONTH ALONE AND SEE THE EFFECT. WHAT WILL HAPPEN? THEY DRAGGING US DOWN, OUR SALARY EVERY DAY BECOME LESSER AND LESSER. WE MUST PROTEST FOR THIS ACTION. THEY KEEP RAZING DOWN THE EXCHANGE TO KEEP US SEND MORE MONEY. THE EFFECT ARE SOME OFW BECOME TIGHT TO LOANS. THIS IS OUTRAGEOUS.
http://pulse.yahoo.com/_TMHLWMT66C5MA6YUKHPEODVIBM popong

Government’s “no-brainer” formula to get OFWs increase remittance of hard earned dollar: Just manipulate to increase the value of the Peso against the Dollar. Result: the economy will falsely look good (yeah, because the Peso will now look valuable) and the OFWs will have to send more money (yeah, because the $500, for example, is no longer enough to cover their family’s sustenance back home. OFWs will have to cut their expenses in the foreign work places, or should no longer buy necessary things as they used to, like nutritious food, etc.) Result: OFWs suffer. OFWs, sad.
malek_abdul

Every time the peso appreciates the OFW hurts. Is this a curse or a blessing?

sam_aquino

from OFW’s point of view, it’s a CURSE!!! our salaries keep depreciating everyday…

DARN!!! X-(

joboni96

naka ngisi na naman
mga intsik switik universal banks
laki kita na naman

itong gobyernong di nagiisip
pinapabayaang 1% ang interes sa bangko
para sa mga bagong bayani
habang 4% kita ng mga intsik switik
sa government bonds

DIRECT SELL GOVERNMENT BONDS TO PILIPINOS
without passing through intsik sitik banks

It’s No Time To Doubt Now

Parekoy, that’s not fair. Our beloved President PNoy may be intsik, but he’s not switik. His family is not switik. The Cojuangcos and Aquinos have done so much for our country. Even Ninoy and Cory died for our sins so that we may become a better nation. Unless you’re suggesting G-Bonds go through Bumbays through their field bankers on moped, I see no other alternative. All banks are owned by them intsiks except for BPI and Union Bank. But yeah, I kinda agree with you that some intsik might be switik. But not PNoy and his family.

may I also humbly suggest:
vote straight LP in 2013
Ninoy 2.0 = Bam Aquino

joboni96

not only some switik
it’s in their culture

just ask sen miriam

i might agree with you
re cojuangco aquino
mga piltsin yan
may dugong intsik, pusong pilipino

DIRECT SELL GOVERNMENT BONDS TO PILIPINOS
without passing through intsik switik banks
kastinoy too

Hayek_sa_Maynila

Because PHP has strengthened by nearly 6.0% vs. USD, the peso value of remittances are actually up by less than 2% only. Meanwhile, Indonesians and Indians get more rupiahs and rupees for every USD they earn bec their currencies have actually depreciated against USD.

How can we afford this? The BSP should not allow PHP to go toe-to-toe with the Singapore$ because singapore’s current account surplus each year is around 20% of nominal GDP and its foreign currency reserves are more than 100% of their GDP. The average Singaporean is richer than the average American.

In contrast, our current account surplus in 2011 is only 2.0% of GDP and our GIR is only around 30% of nominal GDP. More importantly, our income per capita in the PHL is only 5.0% of Singapore’s.

How can we afford PHP to strengthen too fast? We will squander all the hard work of our heroes, the OFWs.

It’s No Time To Doubt Now

Don’t worry Friedrich. None of your doomsday scenario will ever materialize.

Our beloved President PNoy has a magic wand. One wave and all these imbalances will go away. With appreciating PHP, Filipinos can afford cheaper imports, cheaper genetically-modified foreign foods, cheaper heart-clogging fries & cheaper US cheese & cheaper US beef patties at Mickey D’s, cheaper coffee from Starbucks, cheaper fertilizers to yield cheaper rice, cheaper danish ice cream, cheaper luxury goods, cheaper cars, cheaper loans and cheaper cheap stuff from China. With so much stuff to be had so cheaply, start counting your blessings instead of kvetching. As for fuel prices, leave the public utility drivers to make noise about it. As for Singaporeans, we don’t need to compare ourselves with them. Our PPP may not be as high, but life here is happy, pace slow, sex cheap, booze plentiful and people resilient. We can go through another doomsday scenario without even noticing it. Coz we are a happy people. The Indians are always argumentative so they’re always unhappy. And don’t forget, our great leader PNoy has a magic wand that he can wave like a fairy whenever sh*t hits the fan or we the brick wall.

Life will always be more fun in the Philippines. I bet even your one-time boss and now buddy von Mises would agree.

rodben

I suggest to the gov’t to prioritize providing HIGH QUALITY OF EDUCATION in all public schools to overcome Mexico being a world human exporter, instead of CCT ( Conditional Cash Transfer )..

Remittances rose 7.6% to $1.8B in August

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