MANILA, Philippines – Growth in remittances from overseas Filipinos remains on track to meeting this year’s target with the Bangko Sentral ng Pilipinas (BSP) saying yesterday it will not revise its remittance projection once it commences with a review of official forecasts next month.
“We will be reviewing the BOP (balance of payments) projections… but probably not in the case of remittances. I think we are on track to meeting the remittance (forecast),” BSP Governor Amando Tetangco Jr. said in a press conference after the mid-year economic briefing yesterday.
Cash remittances from overseas Filipinos rose 5.4 percent to $1.809 billion in July, bringing the seven-month figure to $11.936 billion. The seven-month figure was 5.2 percent higher than last year’s figure. Most remittances came from the United States, Canada, Saudi Arabia and the United Kingdom.
The broader personal remittances-which include personal money transfers-likewise increased 5.4 percent in July and 5.3 percent in the first seven months, data also showed. BSP has a five-percent growth forecast for remittances.
“Notwithstanding the weak economic conditions particularly in the euro zone and the geopolitical tensions in some parts of the Middle East, remittances remained resilient on the back of sustained demand for skilled Filipino workers overseas,” the BSP said.
Money sent home by Filipinos abroad form part of the country’s BOP, which measures the country’s capacity to settle its debts and meet external trade obligations. This also includes earnings from exports, foreign direct investments and foreign portfolio investments.
“We have been reviewing the BOP projection particularly after the numbers we have for the January to July period. For the other numbers, we will still have to review,” Tetangco said.
As of August, BOP already posted a surplus of $4.498 billion, way above BSP’s $2.6-billion projection for the year. A surplus means the country has more resources to settle its external obligations.
BSP re-evaluates its forecasts during the second and fourth quarters of the year to take into account developments.
For gross international reserves (GIR), the BSP chief said official outlook will be adjusted upwards. –Prinz P. Magtulis (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
