Remittances in Jan-Nov reach USD 18.3-B

Rappler.com
Money sent home by Filipinos abroad reached $18.3 billion (est. P802 billion) in the first 11 months of 2011, up 7.3% from the same period in 2010

MANILA, Philippines – Money sent home by Filipinos staying abroad reached $18.3 billion (est. P802 billion) in the first 11 months of 2011, up 7.3% from the same period in 2010, data from the central bank showed.

On Monday, January 16, 2011, the Bangko Sentral ng Pilipinas announced that remittances rose 10.6% to $1.8 billion (est. P79 billion) in November, a record high.

Remittances in November seasonally high since Overseas Filipino workers (OFW) send more money home as the Christmas and New Year holidays near.

The global economic slowdown was previously thought as a threat to remittances as host countries of OFWs tighten their belt. The continuing hikes in remittances month after month show this main dollar source for the Philippines remain strong.

Remittances spur economic activity at home and fuel consumer spending in retail and other industries, as well as investment in real estate properties. – Rappler.com