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Remittances hit record-high $2.286B in Nov. – Bangko Sentral
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Money transfers by Filipinos who live and work abroad rose by 9.5 percent to a record-high of $2.286 billion last November, Bangko Sentral ng Pilipinas reported on Wednesday, saying it was the eighth consecutive month last year that remittances breached the $2-billion mark.
“On a year-to-date basis... remittances... in January-November 2013 grew by 7.1 percent from the previous year's level to $22.7 billion,” the central bank said.
Remittances hit record-high $2.286B in Nov. – Bangko Sentral
Cash transfers by Filipinos who live and work abroad rose by 9.5 percent to a record-high of $2.286 billion last November, Bangko Sentral ng Pilipinas reported on Wednesday, saying it was the eights consecutive month last year that remittances breached the $2-billion mark.
“On a year-to-date basis... remittances... in January-November 2013 grew by 7.1 percent from the previous year's level to $22.7 billion,” the central bank said.
“The steady increase in... remittances during the eleven-month period was driven largely by the 5.5 percent increase in remittance from land-based workers with work contracts of one year or more, according for more than three-fourths (75.7 percent) of total transfers for the said period,” Bangko Sentral noted in an e-mailed statement.
The major sources of cash transfers last November were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan.
According to preliminary data from the Philippine Overseas Employment Administration, approved orders for services, production and technical jobs overseas totaled 731, 254 in January to November. Nearly half of the orders were already processed.
Increasing numbers of remittance centers here and overseas also helped propped up cash transfers, said the Bangko Sentral.
Last month, Bangko Sentral Deputy Governor Diwa Guinigundo said growth in cash remittances in 2013 will likely beat their 5 percent forecast for the year.
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