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Remittances hit new high in Oct.


Remittances reached a record high in October as global demand for Filipino workers remained strong despite the lingering crisis in the United States and Europe.

Filipinos based overseas sent home $1.93 billion in cash in October, the highest monthly figure so far on record, rising by 8.5 percent from $1.78 billion in the same month last year, the Bangko Sentral ng Pilipinas reported on Monday.

This brought total remittances in the first 10 months of the year to $17.5 billion, up by 5.8 percent from $16.53 billion in the same period a year ago.

Meantime, personal remittances, which combine the value of cash and goods sent home by overseas-based Filipinos, amounted to $19.46 billion in the first 10 months, up year on year by nearly 6 percent from $18.37 billion.

“Remittances remained strong despite fragile economic conditions in advanced economies … Remittance flows were supported by the steady deployment of skilled and professional Filipino manpower abroad,” the BSP said.

Citing data from the Philippine Overseas Employment Administration (POEA), the central bank said there were 721,338 job orders from foreign employers in January to November.

Of the figure, about 42 percent, or 302,173, had been processed.

Besides boosting remittances earlier in the year, the processed job orders are expected to further boost remittances over the short term.

According to original projections of the BSP, remittances, which amounted to $20.1 billion last year, could grow by 5 percent this year to $21.1 billion and by another 5 percent next year to $22.16 billion.

But according to the World Bank, it is likely that total remittances to the Philippines for this year will hit $24 billion and make the country the third-biggest recipient of money from migrants, next to India and China.

There are at least 10 million registered overseas-based Filipinos, fueling spending of over 10 percent of households in the country.

Economists said robust household spending helped the Philippines grow robustly so far this year despite anemic export earnings caused by the crisis in the eurozone.

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Tags: October 2012 remittances , overseas Filipino workers , Philippines , Remittances

  • rodben

    How about if the RH BILL become into law after 25years make sure the remittances will go down..ano kya ang gagawin ng darating na administration to increase the GDP,because all of the investors are focus in services buss. like Housing, Hotel ,Condo no Industries coming IN..

  • http://www.facebook.com/dindo.ballebar Dindo Ballebar

    Time and again OFWs contribute a lot to PH economy. But when OFW process the necessary papers to go back abroad to work after a month’s holiday he/she would go to humiliating, annoying and painful process of paying owwa, oec, philhealth etc. An ofw is tossed like a basket ball from one office to another due to inefficient and confusing procedure. why cant the gov’t simplify the process? this is the very least that the gov’t can do to help and make ofw happy when they go back to phil with their families. sometimes we feel that we were hold-up by the gov’t.

    • http://pulse.yahoo.com/_JJ3EVCTQXRCB24IEJDP7G5YTB4 Jerry

      ….. add to this is…pag pabalik na tayo abroad, eh bakit pa tayo pupunta muna sa may owwa offce sa airport para i-stamp ang OEC natin? what for? eh kadalasan, the employee just stamp the OEC certificate without even looking at it. if this is so, then para ano pa na kailangan pa na gawin natin ito? nakakaistorbo talaga itong procedure na ito. when I was checking-in, the airline staff could not process my check-in dahil kailangan daw may stamp ang OEC ko, then to go back to the hassle of taking out our luggage (dahil bawal iwanan unattended ang bagahe sa airport), then fall in line sa ng mahabang pila para lang ma-stamp ang OEC na hindi na man tinitingnan na, tapos balik pila na naman papasok sa airport going through the security check…oh my! Can anyone please tell the reason why we have to have our OEC be stamped before we check-in? may daya pa ba ito na kailanga i-stamp?

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