’12 current account surplus hits $7.1B
By Michelle V. RemoThe country’s current account surplus increased slightly in 2012 in view of the continued rise in foreign exchange remittances and the recovery of the export sector.
The country’s current account surplus increased slightly in 2012 in view of the continued rise in foreign exchange remittances and the recovery of the export sector.
Cash remittances from Filipnos overseas amounted to $1.8 billion in July, up year-on-year by 5.4 percent.
In today’s economy, every dollar counts and convenience is critical as peoples’ lives get busier. To help address both, Western Union is now offering a “No Transfer Fee” promotion on qualifying transfers and other promotions for U.S. customers sending money online to the Philippines.
SAN FRANCISCO, California—Premier online money transfer company Xoom.com has announced its partnership with the national carrier, Philippine Airlines. First-time Xoom customers who send money to the Philippines between April 10, 2012-December 31, 2012 are entitled to 2,500 bonus Mabuhay Miles. “We are excited to have Xoom.com as a Mabuhay Miles partner,” said PAL assistant vice [...]
MANILA, Philippines—Remittance accelerated to a double-digit pace of growth in August amid sustained rise in demand for Filipino workers, fueling hopes this could push consumption and overall expansion of the economy in the remainder of the year following a slowdown in the first half. The Bangko Sentral ng Pilipinas (BSP) on Monday reported that remittances [...]
MANILA, Philippines—The Metropolitan Bank & Trust Co. (Metrobank) has partnered with leading global payments company MoneyGram International to extend its money transfer service to Filipinos abroad. Metrobank was the first MoneyGram agent in the Philippines to implement AgentConnect, a platform integrating the money transfer service with the bank’s system. With this platform, beneficiaries receive cash [...]
Global credit card company Visa Inc. has entered the local remittance market with the launch of a new service that allows Filipinos in the Middle East to send money directly to their loved ones’ credit cards in the country. In a briefing earlier this week, the company announced its new partnership with UnionBank of the [...]
Airphil Express, a fast-growing budget airline, has signed a partnership agreement with I-Remit, the largest non-bank Filipino-owned remittance company. I-Remit will be accepting payments for all Airphil Express domestic and international (Singapore-Manila only) flight bookings. Airphil Express operates domestic services with more than 23 local flights from Manila alone and international flights. Through the partnership, [...]
MANILA, Philippines—A significant segment of the country’s small and medium enterprises engaged in overseas trade continue to have limited options when it comes to paying for their transactions with foreign counterparts, international fund transfer firm Western Union said Sunday. As such, many SMEs are forced to use pricey payment services offered by banks—an added cost [...]
MANILA, Philippines—The Bangko Sentral ng Pilipinas has cut its remittance growth projection for 2011, taking into account the unrest in North Africa and the Middle East (Mena), as well as the disasters in Japan, and their effect on the employment situation of Filipinos abroad. Still, BSP officials said the reduction would be minimal as demand [...]
MANILA, Philippines—The government posted a budget surplus of P13.4 billion in January as revenues jumped 47 percent, Finance Secretary Cesar V. Purisima said Tuesday. The January fiscal position reversed a deficit of P37.1 billion posted in the same month of 2010. The surplus was registered “on the back of much improved revenue collections and the [...]
MANILA, Philippines—What would have been unthinkable a decade ago has now become part of daily living—things people swear they can’t live without. Take banking services. Most major financial institutions in the country, such as Banco de Oro Unibank, Metropolitan Bank & Trust Co. and Bank of the Philippine Islands (BPI), now allow customers to check [...]
