Philippine remittances in 2010 reached $18.8 B

Philippine remittances in 2010 reached $18.8 B

Remittances to the Philippines reached $18.8 billion in 2010, according to the Bangko Sentral ng Pilipinas (BSP) report. In December 2010, money sent home by overseas Filipino rose 8.1% to $1.69 billion, bringing total remittances for the year to a record of $18.76 billion.

This record represents an 8% increase from the previous and beating the forecast of an 8% growth to $18.7 billion. Remittances for 2009 amounted to $17.3 billion.

“The stable flow of remittances continued to provide strong support to domestic demand, with the remittance level for the year accounting for close to 10% of the country’s gross domestic product,” the BSP said.

“The major driving factors that helped accelerate the growth in remittances were the diversity of the destinations and skills of overseas Filipinos combined with the expanding network of bank and non-bank service providers both here and abroad to capture a larger share of the global remittance market,” it added.

As of end-December, commercial banks’ established tie-ups, remittance centers, correspondent banks and branches/representative offices abroad expanded to 4,581 from 3,730 in the previous year.

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