MikeLigalig.com

By Michelle Remo
Philippine Daily Inquirer

REMITTANCES ROSE anew in July as recovery of the global economy stirred up demand for more Filipino workers abroad, the Bangko Sentral ng Pilipinas reported Wednesday.

The BSP said the money sent in by Filipinos abroad amounted to $1.62 billion in July, rising by 8.2 percent from only $1.49 billion in the same month last year.

This brought the cumulative amount of remittances in the first eight months of the year to $10.68 billion—up 7.1 percent from $9.97 billion in the same period a year ago.

“Underpinning mainly the resilience of remittances is the continued demand for Filipino manpower worldwide as global employment prospects remained favorable,” BSP Governor Amando Tetangco Jr. said in a statement.

Tetangco said that given the encouraging inflow in July, the central bank could expect remittances to continue to grow throughout the rest of the year.

Earlier, the BSP said it projected remittances to grow between 6 and 8 percent for the full year from last year’s $17.35 billion.

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