THE BANGKO SENTRAL NG PILIPINAS expects overseas Filipinos’ remittances to the country to reach $18.3 billion next year, up by 10 percent from the projected inflows this year.

Of the total, $17.6 billion was expected to be coursed through the banking system, which will also be 10 percent higher than the projected figure for this year.

BSP Deputy Governor Diwa Guinigundo said a steady 10-percent growth in remittances would support a sustained surplus in the current account, which would also keep the balance of payments in a surplus.

The BSP has projected that the BOP would post a surplus of $2.3 billion next year, up from the expected $2 billion surplus this year.

The BOP measures the foreign exchange transactions between the domestic economy and the rest of the world.

The central bank reports monthly the volume of remittances sent by overseas Filipinos through banks. Since May 2006, remittances sent by overseas Filipinos through banks have exceeded $1 billion monthly.

Money sent home through banks jumped by 24.6 percent in July over a year ago to hit $1.37 billion on higher deployment of workers and expansion of remittance services, based on the latest BSP data.

Supported by the double-digit growth in cash remittances over the last four months, inflows coursed through the banking system from January to July amounted to $9.6 billion, up by 18.2 percent over the same period last year.

The bulk of the remittances came from the USA, Saudi Arabia, UK, Italy, United Arab Emirates, Canada, Japan, Singapore and Hong Kong.

The continued deployment of Filipino workers overseas boosted the level of remittances this year despite the US-led global slowdown. This trend is expected to continue through next year.

Better access by overseas workers and their beneficiaries to money transfer services provided by banks and non-bank remittance agents, through the establishment of more remittance centers and tie-ups abroad is also seen contributing significantly to the robust growth in remittances.

The BSP’s prospects on overseas employment also remain rosy given the recently concluded agreement among members of the Association of Southeast Asian Nations to standardize, regulate and monitor professional standards—such as those for accountants, dentists and medical practicioners. This is expected to facilitate the mobility of professionals within the region.