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Philippine remittances surge as crisis eases—BSP


Agence France-Presse
First Posted 18:37:00 01/15/2010

Filed Under: Central Banks, Remittances

MANILA, Philippines?Cash sent home by Filipinos abroad surged 11.3 percent to $1.5 billion in November, the most for 13 months, helped by Manila's moves to support its overseas workforce, the central bank said Friday.

Remittances also rose 5.1 percent to $15.8 billion for the 11 months to November, Bangko Sentral ng Pilipinas governor Amando Tetangco said in a statement.

"The slowdown in the displacement of overseas Filipino workers has partly stemmed from the government's job generation programs which have helped displaced overseas workers find alternative jobs in emerging markets," he said.

Displacement refers to Manila finding work for overseas workers in foreign countries after they have been laid off in another.

He also said the rise could be partly attributed to extra money sent back to support rebuilding efforts for families hit by a series of typhoons in September and October.

The cash transfers from the roughly nine million Filipinos working away are equivalent to nearly 10 percent of the Philippines' economic output and are a major impetus for the private consumption that fuels the domestic economy.



Copyright 2014 Agence France-Presse. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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