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Remittances slackened further in January
Philippine Daily Inquirer
Posted date: March 16, 2009
MANILA, Philippines — Overseas Filipinos’ foreign exchange remittances grew 0.1 percent to $1.265 billion in January from $1.264 billion a year earlier — a measly pace monetary officials said was expected, given the impact of recession in the United States and other advanced economies on incomes of Filipinos abroad.
It was the slowest monthly growth since February 2004 and a further deceleration from a 0.8-percent rise in December.
In January 2008 — long before the US recession was felt— the growth was 15 percent.
The central bank, Bangko Sentral ng Pilipinas (BSP), said the minimal growth should be a source of optimism at a time that advanced economies were plunging deeper into recession and that while some Filipinos abroad were losing jobs, others were being deployed for overseas employment.
Citing data from the Philippine Overseas Employment Administration, the BSP said 165,737 Filipinos were deployed for overseas jobs in January, up 25.3 percent from a year earlier.
“The increase in remittances from sea-based workers counterbalanced the contraction in remittances from land-based workers, mainly from the United States,” BSP Governor Amando Tetangco Jr. said in a statement.
The US accounts for an estimated nearly 20 percent of remittances to the Philippines.
The BSP expressed optimism that the crisis in the United States and other advanced economies would not lead to a full-year contraction in remittances.
The BSP earlier said it expected remittances this year at $16.4 billion, unchanged from 2008.
Last year, more than a million Filipinos were deployed to work abroad last year. Michelle V. Remo; edited by INQUIRER.net
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©Copyright 2001-2009 INQUIRER.net, An Inquirer Company
Remittances slackened further in January
Philippine Daily Inquirer
Posted date: March 16, 2009
MANILA, Philippines — Overseas Filipinos’ foreign exchange remittances grew 0.1 percent to $1.265 billion in January from $1.264 billion a year earlier — a measly pace monetary officials said was expected, given the impact of recession in the United States and other advanced economies on incomes of Filipinos abroad.
It was the slowest monthly growth since February 2004 and a further deceleration from a 0.8-percent rise in December.
In January 2008 — long before the US recession was felt— the growth was 15 percent.
The central bank, Bangko Sentral ng Pilipinas (BSP), said the minimal growth should be a source of optimism at a time that advanced economies were plunging deeper into recession and that while some Filipinos abroad were losing jobs, others were being deployed for overseas employment.
Citing data from the Philippine Overseas Employment Administration, the BSP said 165,737 Filipinos were deployed for overseas jobs in January, up 25.3 percent from a year earlier.
“The increase in remittances from sea-based workers counterbalanced the contraction in remittances from land-based workers, mainly from the United States,” BSP Governor Amando Tetangco Jr. said in a statement.
The US accounts for an estimated nearly 20 percent of remittances to the Philippines.
The BSP expressed optimism that the crisis in the United States and other advanced economies would not lead to a full-year contraction in remittances.
The BSP earlier said it expected remittances this year at $16.4 billion, unchanged from 2008.
Last year, more than a million Filipinos were deployed to work abroad last year. Michelle V. Remo; edited by INQUIRER.net
^ Back to top
©Copyright 2001-2009 INQUIRER.net, An Inquirer Company
