MANILA, Philippines - Cash remittances, which help power domestic consumption, grew 6.3 percent in 2012, faster than the central bank's 5 percent forecast. Cash remittances, which reached $21.39 billion last year, are expected to grow 5 percent this year.
Total personal remittances, which represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers, totaled $23.78 billion in 2012, up 6.4 percent on year.
The major sources of remittances last year - with the biggest named first - were the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates and Singapore.
For the full year 2012, the economy grew 6.6 percent, surpassing the government's 5 to 6 percent forecast and market expectations of 6.4 percent.
Manila is targeting economic growth of 6 to 7 percent this year on the back of higher government spending and strong domestic demand, fueled by remittances from Filipinos working abroad.