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Remittances hit new record high in Sept.

Demand for overseas workers continues to be strong

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Remittances rose further in September, hitting a new monthly high of $1.8 billion, the Bangko Sentral ng Pilipinas said Thursday, Nov. 15, 2012. AFP FILE PHOTO

Remittances rose further in September, hitting a new monthly high of $1.8 billion, the Bangko Sentral ng Pilipinas said.

This only showed that the crisis in the eurozone did not put a damper on the ability of Filipino workers abroad to send money back to the country.

“Remittances remained resilient on the back of sustained foreign demand for skilled Filipino manpower and continued financial service innovations of banks and other financial institutions to address the remittance needs of overseas Filipinos and their beneficiaries,” BSP Deputy Governor Nestor Espenilla Jr. said in a statement.

The BSP said the $1.84 billion in remittances sent to the Philippines in September was the highest on record, representing a 5.9-percent growth from the $1.74 billion reported in the same month last year.

Also, remittances during the month brought the total for the first three quarters of the year to $15.57 billion, up by 5.5 percent from the $14.76 billion of the same period a year ago.

Remittances in the first nine months indicated that the country could attain its full-year target of over $21.1 billion, representing a 5-percent growth from that of a year ago.

The BSP also reported that personal remittances, which include both cash and non-cash items (mostly goods sent through packages) being sent by Filipinos abroad, were valued at $17.32 billion for the first three quarters, up year on year by 5.7 percent from $16.4 billion.

Countries that served as the biggest sources of remittances in the first nine months were the United States, Canada, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates and Singapore.

The continued increase in remittances came with the sustained deployment of more Filipinos for work abroad.

The BSP cited data from the Philippine Overseas Employment Administration showing that 262,444 job orders for Filipinos to work overseas were processed from January to October this year.

With this, the central bank said, there is reason to believe remittances will continue to remain strong at least over the short term.

The job orders came mostly from employers from the United Arab Emirates, Saudi Arabia, Kuwait, Qatar and Taiwan.

With remittances staying strong, the BSP said, household consumption in the country is expected to remain robust as well. There are at least 10 million Filipinos overseas.


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  • http://pulse.yahoo.com/_LLPTRPFUTYJXKI3KJS4B2UO4LI Jim De Garman

    bsp were excellent in counting the dollar remittance by millions of OFW in monthly, quarterly, mid year, and annually,. is it the bsp too would still excellent to assist the inutile government to serve what is intended services for ofw’s while they’re in poea.??.seems to me ofw’s are the milking cow of the government by imposing unncessary fee’s to regulate/upgrade there services kuno…it is reversible..lalo lamang pinahirapan at binawasan ang hard earned na pera na sana ay para na sa pamilya.

  • rodben

     In European crises is feel only their Gov’t but the private sector still hiring Pinoy workers thats why the remittance keep on increasing, unlike in Pinas the economic growth is feel only by gov’t but still un-employment is increasing.

  • jeffrey_01

    why the Philippines is still a doormat in Asia? No media interviews senators, congressmen, governor, mayors what they think of the state of our country.  I dont believe that Philippines will be the next tiger of Asia unless actions are done about security, communications, transportations and politics improve.  Corruptions and political dynasties hinders development and investments in the country.  

    Actors, entertainers and other celebs has more airtime than the issue of malnutrition, educations and economy. The dirt are simply covered up.

    if the state of the country is hammered everyday to head of the people, they will wake that the government can make their life a bit better.

    people are left in the dark.

  • sam_aquino

    $21B contributions from OFW’s…  yeah, right…  & what do we get from you, people???

    NOTHING!!!

    ooops, sorry, there is… a serenade @ the arrival area of the airport… X-(

    • jeffrey_01

      you mean crocodiles can sing?

  • oh_noh

    This only showed that the crisis in the eurozone did not put a damper on the ability of Filipino workers abroad to send money back to the country.

    e piso ang pangangailangan sa pinas, na pataas din ng pataas pa rin naman ang presyo, so ibig sabihin e palaki ng palaki ang pinadadala ng mga ofw… obvious ba?

  • valsore

    we could get more remittances if there are more Filipino recruitment companies based abroad. 

    • jeffrey_01

      don’t bet on it.  europe and north america has high unemployment rate.  they hate aliens now a days because they think that jobs are given to aliens.

      the Philippine government must create jobs now.



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