Remittances reach $21.4-B; exceed BSP target [1]

Reuters | 02/15/2013 4:05 PM

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 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.