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By Maricel E. Burgonio, Reporter
MONEY sent home by overseas Filipino workers (OFWs)
returned to their double-digit growth trajectory in April, according
to the Bangko Sentral ng Pilipinas (BSP).
In a statement, BSP Governor Amando M. Tetangco
Jr. said remittances coursed through banks grew 14.51 percent year
on year to $5.360 billion in the first four months this year.
“The continued rise in remittances was partly
fueled by the significant growth in the number of deployed
workers,” Tetangco said.
However, remittances dropped by 1.23 percent to
$1.4 billion in April this year from $1.427 billion the previous
month.
Preliminary data from the Philippine Overseas
Employment Administration showed that deployed Filipino workers grew
14 percent to 399,638 at end-April this year from 350,520 in the
same period last year.
Tetangco said the prospects of deployment remain
upbeat given the country’s efficient deployment system and
continued bilateral talks for employment opportunities with other
labor importing countries such as Canada.
Moreover, domestic banks continue to expand
their financial services to OFWs and their families through tie ups
with foreign financial institutions, the establishment of remittance
centers and marketing offices and manning agencies abroad.
The recent acceptance of the local ATM network
Megalink into the Asian Payment Network (APN) is also expected to
facilitate the flow of remittances.
The bulk of remittances continued to come from
the US, Saudi Arabia, the United Kingdom, Italy, United Arab
Emirates, Canada, Japan, Singapore and Hong Kong. Remittances drive
consumer spending, which remains the Philippines’ main engine of
economic growth.
The BSP is banking on resilient remittance flows
to support its balance of payments (BOP) surplus forecast this year
despite the slowdown in foreign portfolio investments and weak
exports.
The country’s BOP surplus reached $2.134
billion at end-April from $1.635 billion at end-March. The BSP
projects the country’s BOP surplus to hit $3.4 billion this year.
The BOP is a summary of a country’s economic
transactions with the rest of the world, including external trade,
income transfers, and other financial flows.
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