LAND BANK OF THE PHILIPPINES, which aims to become one of the top remittance banks in the country, said it was expecting remittances from overseas Filipino workers to grow by between 3 and 3.1 percent this year despite the lingering global economic turmoil.

Reevie Vergara, first vice president and head of the remittance group at Land Bank, said earlier projections by some economists that remittances would contract this year were not realistic given the first-semester data.

According to the Bangko Sentral ng Pilipinas, remittances amounted to $8.5 billion in the first half, up 2.9 percent year-on-year.

Even the central bank?s original forecast of a flat growth in remittances this year was already too conservative, Vergara said.

He said remittances in the second half might even exceed the first semester performance as trends showed that OFWs send more money in the fourth quarter in time for the Christmas season.

Last week, the BSP said it would likely revise its projection on remittances for this year.
?At the rate it is going, it seems that growth in remittances could be at 3 or 3.1 percent this year,? Vergara told reporters Friday.

Last year, total remittances sent to the country reached $16.4 billion. Of the amount, Land Bank facilitated some $770 million.

Vergara said Land Bank aims to achieve a 3- to 5-percent growth in its remittance business this year, thereby intensifying its efforts to reach more OFWs worldwide.

He said Land Bank had been teaming up with foreign remittances centers abroad to win a bigger share of the remittance market.

Currently, Land Bank has either physical presence or tie-ups in more than 20 countries worldwide.