OFW remittances hits $17.3-B in 2009
by Apipa P. Bagumbaran
Manila (17 February) -- Remittances sent by overseas Filipino workers (OFWs) reached $17.3 billion stronger than the expected growth in 2009.
Bangko Sentral ng Pilipinas (BSP) Officer-In-Charge Diwa C. Guinigundo stressed that the 2009 level exceeded the BSP's forecast of $17.1 billion remittance flows or a 4% growth for the year.
For the month of December, remittances went up by 11.4 percent (%) from the $1.41 billion recorded in the same month of 2008.
The month of December alone registered the highest level at $1.6 billion, Guinigundo said.
Guinigundo further said that remittances remained resilient amid the recent global financial crisis providing strong support to domestic demand.
The remittance level for the year accounted for 10.8 percent (%) of the country's gross domestic product, Guinigundo added.
According to the BSP, the steady remittance flows were underpinned by the sustained demand for Filipino workers overseas, the conduct of bilateral talks with host countries which continue to open up new employment opportunities abroad for Filipinos, and the continued expansion of bank and non-bank service providers international and domestic market coverage to capture a larger share of the global remittance market as well as the introduction of innovative products and services that cater to remitters' specific needs.
Major sources of remittances included the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany. (PIA Marawi City) [top]