OFW remittances rise 5% to $1.7B in March

Overseas Filipino workers (OFWs) sent $1.7 billion in remittances to the Philippines in March, a 5% increase from year-ago figures, according to the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Amando M. Tetangco Jr. said the continued increase in remittance flows in March boosted the first quarter remittances to $4.8 billion, 5.4% higher than the $4.6 billion in the same period last year.

Remittances from land-based OFWs rose 2.7% to $3.7 billion in the January to March period. Remittances from sea-based OFWs jumped 15.3% to $1.1 billion during the first quarter.

"Robust cash transfers in the first-quarter of 2012 were supported by the sustained demand for Filipino manpower in various foreign labor market," Tetangco said.

New council to help make remittance easier for Pinoys abroad

A new group — the Remittance for Development Council (ReDC) — was recently formed to find ways to make the sending of remittance easier for overseas Filipino workers (OFWs).

The Bangko Sentral ng Pilipinas (BSP) and the Commission on Filipinos Overseas (CFO) signed an agreement in March creating the ReDC.

A statement released by CFO said the ReDC was "an advisory and policy-recommending body that will help organize and optimize the channeling of individual and collective remittances for national and local development.”

Local remittance agent ERCOF, a member of ReDC, listed on its website some of the tasks of the newly-formed council:

OFW remittances seen slowing this year

British banking giant Hong Kong and Shanghai Banking Corp. Ltd. (HSBC) sees a slower 5% growth in remittances from overseas Filipino workers (OFWs) due to external developments.

In a report, HSBC economist Trinh Nguyen said the growth of remittances from OFWs would slow down to about five percent this year from 6.9% last year.

“History shows that the country’s output is not completely immune to global headwinds, so remittances growth will likely decelerate in 2012,” Nguyen stressed.

Despite the expected slowdown, the economist said the amount of money sent home by about 8.5 million Filipinos overseas would continue to support private consumption.

“At home, steady remittance flows should support consumption, if at a slower pace than before,” she explained.

OFW remittances hit $1.78B in November

Remittances from overseas Filipinos reached $1.78 billion in November, the highest on record so far, according to the Bangko Sentral ng Pilipinas. The remittances in November was a 10.6% increase from the same period in 2010.

For the January to November period, remittances grew by 7.3% to $18.32 billion from a year ago and outpacing the central bank's full-year 2011 remittance growth forecast of 7% despite a slowing U.S. economy and debt problems in Europe.

"The double-digit growth in remittance flows during the month could be attributed to additional funds sent by overseas Filipinos abroad to their families for holiday spending," the BSP said, in a statement.

Remittance growth is seen slowing to 5 percent this year.

Xpress Money Promotions helping those victims of typhoon Sendong

The remittance services, Xpress Money have a promotion to help the victims of typhoon Sendong.

Xpress Money will contribute on your behalf to aid the flood relief efforts in the Philippines.

All you need to do is send money to the Philippines through Xpress Money and they will contribute Php 10 for every transactions.

And for those who have Facebook account, for each Facebook like's to their page they will contribute $1 to the relief funds.

Notes: To those will do their remittance from GCC to Philippines Xpress Money will contribute Php 10 till December 31, 2011 only.