Overseas Filipino remittances hit record $1.93-B in Oct., Bangko Sentral reports

Money sent home by Filipinos living and working abroad hit a record $1.93 billion in October, helped by more choices with which to send money back to the Philippines.

 

In a statement Monday, the Bangko Sentral ng Pilipinas said cash remittance inflow rose by 8.5 percent from $1.84 billion in October 2012 . 

 

The latest figure boosted remittances in the first 10 months to $17.49 billion, up by 5.8 percent from $16.53 billion year on year. 

 

The Bangko Sentral sees cash remittances increasing by 5 percent this year from the $20.11 billion in 2011.

 

"Remittances flows were supported by steady deployment of skilled and professional Filipino manpower abroad, combined with commercial banks' continued efforts to build up their network of remittance business partners worldwide," the Bangko Sentral said. 

 

Demand for overseas Filipino workers (OFW) supports "favorable outlook for remittances through end-2012," it added. 

 

Some 302,173 job orders were processed in October, accounting for 41.9 percent of the 721,338 jobs approved as of November, preliminary data from Philippine Overseas Employment Administration showed. 

 

The trend is consistent with a World Bank findings that money sent home by OFWs would lift the Philippines to the third spot in the list of countries with the highest remittance inflow this year. 

 

The multilateral lender noted that Filipinos are likely to send home a record $24 billion this year. 

 

Over 10 million OFWs send remittances, which fuel domestic consumption and keep the economy afloat. — Siegfrid Alegado/VS, GMA News