MANILA - Money sent home by overseas Filipino workers (OFW) are likely to rise by 4% this year, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco announced Wednesday.

Tetangco said remittance inflows are likely to reach $17.1 billion this year from last year's record $16.4 billion. This, he said, would boost the country's current account surplus and gross international reserves (GIR) to $6 billion and $43 billion, respectively.

In April, the BSP has projected a current account surplus of $4.1 billion, while the country's GIR was seen at a range of $37.5 billion to $38.5 billion.

Remittances posted a 3.8% for the first 7 months of the year to $10 billion. For next year, Tetangco said these are likely to grow by 6%.

"Because of this (growth in remittances next year), the GIR is seen at around $47 billion," he told reporters at the Philippine Economic briefing in Makati City.

Meanwhile, Tetangco said the country's foreign direct investments may reach $1.5 billion from the BSP's initial $0.75-billion estimate. With a report from Reuters