OFW remittances hit record $17.1 billion, top BSP forecast
MONEY SENT HOME by overseas Filipino workers (OFWs) rose by 11.4%
to $1.65 billion in December, pushing the 2009 tally to a record $17.1
billion.
The Bangko Sentral ng Pilipinas (BSP), which had
predicted zero growth earlier in the year as the global crisis
worsened, yesterday said the full-year uptick of 5.6% topped its 4%
forecast.
"Remittances remained resilient amid the global financial crisis providing support for domestic demand," it said in a statement.
The BSP attributed the remittance result to sustained demand for
skilled workers and state efforts to get other countries to open up
their labor markets.
It also cited increased bank and non-bank services for migrant
workers, noting that commercial bank remittance centers, branches, and
partnerships abroad had increased by almost two-fifths to 4,192.
The central bank said 221,548 job orders were approved last year
and noted that 310,666 jobs still had to be filled. OFWs being are
spread across more countries also added to the resilience of
remittances, the BSP said.
The United States, Canada, Saudi Arabia, the United Kingdom,
Singapore, the United Arab Emirates, Italy and Germany were the major
remittance sources.
Asked to comment on the remittance results, Citigroup economist
Francisco G. Trinidad, Jr. said last year’s record growth indicated
opportunities abroad for Filipino workers.
He said 2010 remittances could grow by 5-6%, in line with the BSP’s 6% outlook. --
DGKC, BusinessWorld Online February 15, 2010 10:52PM