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NEWS UPDATES 20 November 2009

Philippines: Remittances seen growing 11%  

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Remittances keep Philippine economy growing

Growth in remittances will likely enter double-digit territory in December as Filipinos abroad, perked up by improving global economic conditions, are expected to send in more cash for the holidays, reported Philippine Daily Inquirer.

Goldman Sachs projected an 11 percent annual growth in remittances to $1.55 billion for December.

Rising prices of oil in the world market, which fuels growth of countries in the Middle East—host to many Filipino workers—may boost the amount of money sent to the Philippines, Goldman Sachs said in a paper on its assessment of the Philippine economy.

The investment bank also said the improving global economic climate, which prompted some firms to rehire laid off workers, would also support growth in remittances.

In addition, Filipinos abroad normally send more money to their loved ones in December, when households increase spending for the holidays.

In the past months, growth in remittances had slowed to a single-digit level after the United States and other industrialised countries fell into recession.

From January to September, remittances amounted to $12.8 billion, up 4.2 percent from $12.27 billion in the same period a year ago. The fastest year-on-year growth in remittances so far this year came in September, when money sent in reached $1.33 billion, up 8.6 percent.


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