Remittances hit record high in September


Posted at Nov 15 2012 07:46 PM | Updated as of Nov 16 2012 03:52 PM

MANILA, Philippines - Money sent home by Filipinos working and living overseas hit a record monthly high in September, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

Cash remittances amounted to $1.838 billion in the ninth month of the year, up 5.9% from $1.736 billion last year.

In the nine months to September, cash remittances grew 5.5% to $15.571 billion from $14.757 billion in the same period last year.

"Remittances remained resilient on the back of sustained foreign demand for skilled Filipino manpower and continued financial service innovations of banks and other financial institutions to address the remittance needs of overseas Filipinos and their beneficiaries," the central bank said.

The funds were wired mainly from the US, Canada, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, and Singapore.

The BSP has forecast cash remittances to grow by 5% this year over year-ago levels.

Money sent home amounted to $20.117 billion in 2011, up 7.2% from $18.763 billion in 2010.