Friday, 16 January 2009

Remittances to Philippines up 15.1% in Nov.

The Manila Bulletin

Remittances from overseas Filipinos (OFs) increased 15.1 percent year-on-year in November to $ 15.019 billion, the Bangko Sentral ng Pilipinas (BSP) yesterday reported.

For the month of November alone, remittances reached $ 1.3 billion, up 10.5 percent compared to the same period in 2007.

According to BSP Governor Amando M. Tetangco Jr.: "The steady stream of remittances from OFs continue to provide the economy with much needed foreign exchange liquidity in the midst of a challenging external environment."

BSP said the demand for Filipino workers abroad remain stable, specifically for professional and skilled workers.

Based on initial data from the Philippine Overseas Employment Administration (POEA), in the first eleven months of 2008, the number of Filipinos deployed abroad increased by 24.4 percent to 1,221,829 from 982,286 a year ago.

The POEA data also showed that 90 percent of newly hired OF workers in the first ten months of 2008 consisted of professionals and skilled workers, and that the deployment was concentrated in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, and Hong Kong.

"While there are concerns that deployment could decelerate in the coming months due to the continuing global economic slowdown, the POEA indicated that the decline could be mitigated by strong labor demand in Canada, Bulgaria, Australia, the United Arab Emirates and Qatar," said the BSP.

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