DESPITE the ongoing uncertainties in the host countries of the millions of overseas Filipinos, the Bangko Sentral is confident that the level of remittances will still grow this year, albeit slower than last year.
“I don’t believe it will contract,” BSP Governor Amando Tetangco said at the sidelines of the establishment of the Remittance Development Council (ReDC).
Remittances coursed through banks remained resilient, rising at an annual rate of 5.4 percent to $1.6 billion in January 2012.
Tetangco earlier said that the remittances this year will grow 5 percent from last year, or $1 billion more from the end-2011 level of $20 billion.
But the 5 percent growth forecast is slower than the previous years’ growth. In 2005, remittances grew more than 25 percent. Last year, remittances grew 7.2 percent.
Remittances are considered as among the “saving grace” of the Philippine economy as it drives consumer spending, increase savings and investments, and fuel growth in automobile and real estate sector.
Data shows that remittances make up 9 percent of the country’s GDP.
“Remittances from overseas Filipinos could surely contribute to the creation of new social assets and services, create more jobs that will contribute to the local economic development and community infrastructure such as schools, health centers, roads, and other community projects,” Tetangco said.
To further enhance the flows of remittances, the BSP and the Commission on Filipinos Overseas (CFO) yesterday officially sealed their partnership to establish the ReDC.
The ReDC is an advisory and policy-recommending body that will help organize and optimize the channeling of individual and collective remittances for national and local development.
According to lawyer Golda Roma of the CFO, the council will be responsible for tackling issues that concern the remittance business and to optimize the channeling of individual and collective remittances in the country.
“We will try to put the remittances in collective use,” Roma said.
During the signing, Tetangco said that monetary institutions should show appreciation to the OFW’s abroad. –JENNIFER AMBANTA, Malaya
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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