Remittances surge to $21.6B from January-November

THE Philippines recorded higher amount of remittances from overseas Filipinos from January to November last year owing to the increasing demand for skilled and professional workers abroad, the central bank said Tuesday.

Personal remittances from overseas Filipinos rose to $21.592 billion for the first 11 months to November last year, 6.1 percent higher than the $20.351 billion from a year ago level, Bangko Sentral ng Pilipinas governor Amando Tetangco Jr. said.

For November alone, remittances reached $2.131 billion, 7.6 percent growth from $1.981 billion during the same month in 2011.

"The continued expansion in personal remittances during the eleven-month period was underpinned by the 12.7 percent growth in transfers from sea-based workers and land-based overseas Filipino workers with short-term contracts, as well as the 13.4 percent increase in remittances from land-based workers with work contracts of one year or more," Tetangco said.

Cash remittances from Filipinos abroad also surged to $19.4 billion from January to November, six percent higher than the level posted in the same period in 2011, he said.

For November, cash remittances reached $1.9 billion, 7.6 percent increase from a year ago level, Tetangco said.

"Remittances continued to draw strength from the increasing demand for skilled and professional Filipinos abroad along with innovations in remittance services offered by banks and financial institutions," he said.

Remittances came mostly from the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, and Singapore. (SDR/Sunnex)