August remittance up 11.1%

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 in August amounted to $1.67 billion, up by 11.1 percent from $1.502 billion in the same month last year. This was the fastest pace of growth registered in about one-and-a-half years.

In January to August, total remittances reached $13.02 billion, rising by 6.9 percent from $12.18 billion in the same period last year.

The accelerated increase in remittances in August and the favorable outlook through the rest of the year would help total remittances for the year to still hit the 7-percent growth projection, according to the BSP.

“Notwithstanding lingering global economic uncertainties, the cumulative stream of remittances from overseas Filipinos continued to be solid and resilient, supported by the sustained demand for Filipino skills abroad,” BSP Governor Amando Tetangco Jr. said in a statement.

Remittances in August mostly came from Filipinos based in the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway. Combined remittances from Filipinos based in these countries accounted for nearly 85 percent of the total money sent home by Filipinos offshore.

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