Money s ent home by Filipino migrant workers in September this year hit a record growth since December 2012, reaching 1.94 billion USD, up 5.3 percent over the same period last year, according to the Philippines’ Central Bank (BSP).
In the first nine months of the year, remittances to the country reached 16.5 billion USD, a year-on-year rise of 5.8 percent. The money sent home in the period was mostly from the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada and Japan.
The growth is attributed to the demand for skilled and professional Filipino manpower in the service, production and engineering sectors.
The BSP expects the figure for the whole year to grow 5 percent to 22.5 billion USD. The figure in 2012 reached 21.39 billion USD, up 6.3 percent against the previous year.
Philippine Minister of Economics and Planning Arsenio Balisacan said the remittances still increase in spite of the global economic crisis, contributing to maintaining the domestic consumption expenditure and improving the country’s export weaknesses.
He added that the Government’s yearly target of a growth between 6-7 percent is within reach although devastation caused by Storm HaiYan in the country’s central region can slow down its economic growth.-VNA
In the first nine months of the year, remittances to the country reached 16.5 billion USD, a year-on-year rise of 5.8 percent. The money sent home in the period was mostly from the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada and Japan.
The growth is attributed to the demand for skilled and professional Filipino manpower in the service, production and engineering sectors.
The BSP expects the figure for the whole year to grow 5 percent to 22.5 billion USD. The figure in 2012 reached 21.39 billion USD, up 6.3 percent against the previous year.
Philippine Minister of Economics and Planning Arsenio Balisacan said the remittances still increase in spite of the global economic crisis, contributing to maintaining the domestic consumption expenditure and improving the country’s export weaknesses.
He added that the Government’s yearly target of a growth between 6-7 percent is within reach although devastation caused by Storm HaiYan in the country’s central region can slow down its economic growth.-VNA
