Nov. '11 remittances hit new high of $1.78-B

Remittances of overseas Filipinos hit $18.3 billion in the first 11 months of 2011 with a boost of $1.78 billion—a new monthly record high—last November, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

 

Compared to the 2010 end-November level, the latest cumulative mark of remittances is 7.3 percent higher while on a monthly basis, it is a 10.6 percent increase.

 

"The double-digit growth in remittance flows during the month could be attributed to additional funds sent by overseas Filipinos to their families for holiday spending," the BSP said.

 

The 11-month running total is roughly $460 million away from the full-year $18.76 billion record set in 2010. If the December 2011 remittances reach $1.8 billion, the 2011 sum would hit the BSP forecast of $20.1 billion. 

 

Over 700K new slots for foreign jobs

 

Citing data from the Philippine Overseas Employment Administration, the BSP added that demand for Filipino manpower overseas remained high as approved job orders for all of 2011 reached 711,238 "of which about 40 percent consisted of processed job orders for service, production, as well as professional technical and related workers."

 

Most of the job placements are in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Hong Kong and Taiwan.

 

"The extensive remittance network coverage and availability of secure and reliable money transfer services, as well as other innovative financial products, resulted in better capture of global remittance flows," the BSP also said.

 

According to the 2010 Survey of Overseas Filipinos of the National Statistics Office (NSO), Pinoys abroad sent 74 percent of their remittances through the banks while "cash brought home" was at 21 percent, and "remittances in kind” was at slightly above 4 percent. 

 

"The Survey of Overseas Filipinos does not ask for the total salary received by the overseas Filipino workers. Hence, the remittance presented in the results may just be part of the total salary received by the OFWs," the NSO said.

 

Given the NSO data, the BSP's figures on remittances may represent at least 74 percent of the total, which, if the 2011 forecast of $20.1 billion is met, could actually be about $26 billion to $27 billion. –ELR, GMA News