Remittances up 8% in November

Reuters

Posted at Jan 15 2013 03:28 PM | Updated as of Jan 16 2013 03:33 AM

MANILA - Cash remittances rose 8 percent to $1.92 billion in November 2012 from $1.78 billion in the previous year.

Cash remittances, which help power domestic consumption, are expected to grow 5 percent in 2012 and 2013. Cash remittances in 2011 reached $20.12 billion.

Cash remittances in the 11 months to November reached $19.42 billion, up 6.0 percent from last year's $18.32 billion.

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-November totaled $21.59 billion, up 6.1 percent on year.

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

In the third quarter of 2012, the Philippines had annual economic growth of 7.1 percent, the second fastest pace in Asia after China. The rapid pace makes it likely that growth for all of 2012 will surpass the Philippine government's 5 to 6 percent target.