Remittances rise 6.9% to $9.1 billion in H1

ABS-CBN News

Posted at Aug 16 2010 03:28 PM | Updated as of Aug 16 2010 11:30 PM

MANILA, Philippines - Money sent home by overseas Filipinos grew 6.9% in the first half of the year to $9.1 billion, the Bangko Sentral ng Pilipinas (BSP) reported Monday.

In June alone, remittances reached $1.6 billion, a year-on-year expansion of 8.3%.

Money remitted came mostly from the US, Canada, Saudi Arabia, Japan, United Kingdom, Singapore, United Arab Emirates and Italy

The BSP noted that steady demand for professional and skilled Filipino workers, and increased access of OFWs and their families to formal money transfer channels continued to boost remittance growth.

Preliminary data obtained from the Philippine Overseas Employment Administration indicated that new hires overseas rose by 13.5% to 212,700 for the first 6 months while job orders totaled 356,878.

The central bank expects remittances to grow 8% this year, higher than the original 6% growth forecast. Remittance inflows reached a record $17.3 billion in 2009.

Economic Planning chief Cayetano Paderanga has said the economy could grow faster than the government's target of 5% to 6% this year, driven by strong remittances from overseas workers and a recovery in trade.