Central bank sees ’08 OFW remittances at $16.45B
By Doris Dumlao
Philippine Daily Inquirer
First Posted 03:04:00 06/21/2008
MANILA, Philippines—The central bank, Bangko Sentral ng Pilipinas (BSP), expects cash remittances from overseas Filipinos to hit a new record of about $16.45 billion this year, up 10 percent from 2007 despite concerns that the slowdown in the world economy may squeeze the inflows to a trickle.
About $15.89 billion is expected to be coursed through banks, compared with $14.45 billion last year, according to estimates submitted to the BSP’s policymaking Monetary Board.
A BSP estimate in February had put the 2008 remittances at $16.2 billion through banks and other channels. Last year, OFWs sent home $14.96 billion.
BSP Governor Amando Tetangco Jr. said OFW cash remittances could grow 10 percent this year despite concerns on the global economy.
The deployment of Filipino workers abroad has not decreased this year although the United States appears to be on the brink of a recession that would have global effects.
OFW money remittances through banks have exceeded $1 billion monthly since May 2006.
In the period from January to April this year, they amount reached $5.4 billion, up 14.5 percent from the same months last year. In April it surged 18.4 percent, the fastest year-on-year growth seen in 12 months.
Most of the remittances come from the United States, Saudi Arabia, the United Kingdom, Italy, the United Arab Emirates, Canada, Japan, Singapore and Hong Kong. Edited by INQUIRER.net
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