OFW remittances to post double-digit growth till yearend
12/02/2010 | 08:08 PM
Metropolitan Bank and Trust Co.'s First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) have projected that money sent home by Filipinos abroad would grow by double digit till the end of the year.
"We expect that remittances will grow by double digits from this point until year end," FMIC and UA&P said in a report.
"The fourth quarter is usually the peak season for remittances for Filipino migrants to send money to their family due to the traditional gift giving of the holiday season," they said.
Central bank statistics showed that overseas Filipino workers' remittances in September registered a double-digit growth for the first time since December last year.
In September this year, money transfers from Filipinos abroad grew by 10.6 percent to $1.6 billion from $1.446 billion in the same month last year.
The Bangko Sentral ng Pilipinas had reported that remittances increased by 7.8 percent to $13.782 billion in January-September from $12.789 billion in the same period last year.
Major sources of remittances came from the US, Canada, Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Singapore, Italy, and Germany.
In 2009, remittances rose by 5.4 percent to a new record of $17.348 billion from $16.426 billion in 2008.
The total money OFWs sent home last year exceeded the revised 4-percent growth forecast set by the BSP on the back of sustained demand for skilled Filipino workers abroad.
For this year, the BSP's Monetary Board has already upgraded remittances growth forecast to 8 percent instead of 6 percent. -- JE/OMG, GMANews.TV
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