Author Topic: $21.391 B for 2012: OFW inflows hit new high (Read 677 times)

hubag bohol · « **on:** February 16, 2013, 06:41:33 AM »

By Prinz P. Magtulis (The Philippine Star) | Updated February 16, 2013 - 12:00am

MANILA, Philippines - Remittances from Filipinos living and working overseas grew faster than expected in 2012, reaching a new record high of $21.391 billion, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Last yearâ€™s tally represented a growth rate of 6.3 percent from a year ago, surpassing the central bankâ€™s five-percent growth target. It also accounted for 8.5 percent of the countryâ€™s total economic output for 2012.

For December alone, a new monthly record of $1.975 billion was also recorded, an improvement of nearly a tenth from the previous yearâ€™s level.

Personal remittances â€“ the cash and non-cash items or goods sent by overseas Filipinos through formal and informal channels â€“ expanded by 9.7 percent year-on-year to a new record of $23.784 billion.

For 2013, money sent home by Filipinos abroad could grow by five percent, according to latest central bank projections.

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hubag bohol · « **Reply #1 on:** February 16, 2013, 06:42:06 AM »

â€œThe resilience of overseas Filipino remittances continues to support the countryâ€™s economic growth and development,â€ BSP Governor Amando Tetangco Jr. said in a statement.

Continued deployment of overseas Filipino workers (OFWs) as well as expansion of bank network services boosted remittances inflows last year, he explained.

A total of 1.737 million OFWs are awaiting deployment for the first 10 months of last year, preliminary data from the Philippine Overseas Employment Administration (POEA) showed. This reflected an 8.6-percent growth year-on-year.

As for banksâ€™ network expansion, the central bank said the number of tie-ups among commercial banks and remittance centers increased to 4,750 last year. In 2011, such partnerships only numbered to 4,723.

Sought for comment, DBS economist Eugene Leow said the higher-than-expected remittance reflected â€œstabilization and pick-up in major economiesâ€ where most OFWs are based.

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hubag bohol · « **Reply #2 on:** February 16, 2013, 06:42:52 AM »

The US remained the top source of remittances, BSP data showed, cornering 42.6 percent of the total. It was followed by Canada (9.2 percent), Saudi Arabia (8.1 percent), United Kingdom (five percent), Japan (4.7 percent), United Arab Emirates (4.5 percent and Singapore (4.1 percent).

The bulk of remittances were sent by land-based workers, who remitted an aggregate amount of $16.6 billion, against seafarersâ€™ $4.8 billion, central bank figures also showed.

â€œThe large amount of remittance has also helped to bolster peso strength,â€ Leow said in an e-mail.

The peso was Asiaâ€™s second best performing currency against the greenback last year, per BSP data. It has appreciated by 6.8 percent against the dollar, trimming the value of export earnings and remittances when repatriated back home.

â€œRemittance growth should hover around six- to seven-percent for 2013 as global economic momentum gains traction,â€ Leow said.

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Author Topic: $21.391 B for 2012: OFW inflows hit new high (Read 677 times)

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$21.391 B for 2012: OFW inflows hit new high

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Re: $21.391 B for 2012: OFW inflows hit new high