MONEY sent home by Filipinos abroad hit a fresh peak for the year in June, making the year-to-date tally top the level of the first half of 2013, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
Cash remittances which Filipinos sent home through banks went up 5.9% to $2.050 billion in June from the $1.935 billion registered a year earlier. It was the highest monthly volume recorded since December 2013’s $2.173 billion.
"Remittances remained robust on the back of stable demand for skilled Filipinos abroad," the central bank said in a statement.
June’s inflows drove the first-semester tally to $11.422 billion, up 5.8% from the $10.800 billion seen in the comparable 2013 period -- already past the target this year of 5% growth over 2013’s $22.968 billion.
Remittances from land-based workers made up the bulk in the first half at $8.7 billion, up 4.8% annually, while those from sea-borne workers grew 8.8% year-on-year to $2.7 billion.
Major sources of cash remittances were the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Canada, and Hong Kong.
The BSP noted continued efforts of banks and non-bank remittance service providers to expand reach through partnerships and establishment of remittance centers abroad. "As of end-June 2014, commercial banks’ established tie-ups, remittance centers, correspondent banks, and branches or representative offices abroad rose by 6% to 4,675 from 4,409 in the same period last year," the central bank said.
Remittances, equivalent to around 10% of gross domestic product, support growth by boosting private consumption. -- DEDS
source: Businessworld
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