Remittances hit new peak in October

Posted at 12/17/12 3:23 PM

MANILA - The Philippine central bank released on Monday data on October remittances from Filipinos overseas with cash remittances in the 10 months to October reaching $17.5 billion, up 5.8 percent from last year's $16.5 billion.

Oct Sept Aug July June May Apr
 yr/yr chg (pct) 8.5  5.9  7.6  5.4  4.2  5.1  5.3
 in $ bln 1.93  1.84  1.80 1.81  1.81  1.77  1.70

Note: The central bank started releasing data on cash and personal remittances in June 2012. Data above represents cash remittances.

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, in January-October totalled $19.4 billion, up 5.9 percent on year.

The major sources of remittances in October were the United States, Canada, Saudi Arabia, Japan, United Kingdom, Singapore and the United Arab Emirates.

Cash remittances, which help power domestic consumption, is expected to grow 5 percent this year and next year. Cash remittances in 2011 reached $20.12 billion.

The government is optimistic the country can post higher growth of 5-6 percent this year against 3.9 percent in 2011, with domestic demand expected to stay strong on the back of robust remittances from Filipinos working and living abroad.