Sign up | Log in



Home  >>   Daily News  >>   Philippines News  >>   Economy  >>   Philippines overseas remittances increase
NEWS UPDATES Asean Affairs     18 October  2011

Philippines overseas remittances increase

Money sent home by Filipinos working abroad remain robust, growing by double-digits for the time this year despite lingering global uncertainties, the Bangko Sentral ng Pilipinas said on Monday.

In a statement, the BSP said remittances coursed through banks grew 11.1 percent to reach $1.7 billion in August compared with $1.5 billion in the same period last year. The August inflows brought the eight-month tally up 6.9 percent to $13 billion, with cash transfers from land- and sea-based workers growing by five and 14.4 percent, respectively. The BSP forecast remittances to grow 7 percent this year.

The top 10 sources of remittances include economically troubled nations such as the US, Japan and Italy, as well as Canada, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Germany and Norway. Combined flows from these countries represented 84.9 percent of total remittances reported by banks, the BSP said.

Central bank Governor Amando Tetangco Jr said that stable employment prospects for OFWs were indicated in data obtained from the Philippine Overseas Employment Administration. From January 1 to September 30, the number of processed job orders totaled 193,176, reflecting an 8.6 percent increment over the 177,936 in the same period last year.

The processed job orders were for employment opportunities in Saudi Arabia, UAE, Taiwan, Qatar, Kuwait, and Hong Kong, among others.
The POEA also reported that another batch of licensed Filipino nurses and caregivers would be deployed in Japan next year, as part of the continuing hiring program under the Philippines-Japan Economic Partnership Agreement. Commercial banks’ continued efforts to build up their network of remittance business partners worldwide have contributed to the country’s larger share of the global remittance market, Tetangco said.

“Partnerships have been strengthened with correspondent banks and with other remittance companies abroad. Going forward, the remittance outlook for the remaining months of the year remains favorable as government redeployment strategies are in place to help Filipino workers affected by the social unrest in the Middle East and North Africa region,” the governor said.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below




1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Today's  Stories    18  October  2011 Subsribe Now !
• Asia-Pacific countries meet on trade deal Subcribe: Asean Affairs Global Magazine
 Austrian firm pushes Indo hydropower Asean Affairs Premium

 Indonesia welcomes media investment

Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

Malaysian construction industry needs dynamism
Philippines overseas remittances increase
 Floods to impact Thai corporate earnings
 Tsingtao to open in Thailand

 Business confidence up in Vietnam


Asean Analysis              18  October  2011

Advertise Your Brand
• Japan may hold key to TPP trade deal Sponsor Our Events

Asean Stock Watch      18  October  2011

• Asean Stock Watch-October 18 p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand