{"id":124431,"date":"2017-10-17T01:21:13","date_gmt":"2017-10-17T05:21:13","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=124431"},"modified":"2017-10-17T01:21:13","modified_gmt":"2017-10-17T05:21:13","slug":"ofw-remittances-up-7-8-to-usd2-5-b-in-august","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/10\/17\/ofw-remittances-up-7-8-to-usd2-5-b-in-august\/","title":{"rendered":"OFW remittances up 7.8% to USD2.5-B in August"},"content":{"rendered":"
\"Exports<\/a>
Exports grew by 9.4 percent last August although imports posted a rebound and increased by 10.5 percent. (shutterstock)<\/figcaption><\/figure>\n

MANILA<\/strong>\u2014 Strong domestic spending is seen to continue in the Philippines as remittance inflows remain robust, an economist of ING Bank Manila said.<\/p>\n

Data released by the Bangko Sentral ng Pilipinas (BSP) Monday showed that cash remittances reached USD2.499 billion last August, 7.8 percent higher than year-ago\u2019s USD2.319 billion and the USD2.283 billion last July.<\/p>\n

ING Bank Manila senior economist Joey Cuyegkeng, in a research note, said the faster growth of remittances from month-ago\u2019s 7.1 percent expansion is an \u201cupside surprise\u201d since it made the margin between remittances and trade deficit \u201cpractically disappeared.\u201d<\/p>\n

Exports grew by 9.4 percent last August although imports posted a rebound and increased by 10.5 percent.<\/p>\n

\u201cThe increase also supports higher domestic spending which in turn means firm imports ahead,\u201d Cuyegkeng said, referring to growth of remittances.<\/p>\n

Remittances has been among the major growth drivers of the Philippine economy for some decades now as is accounts for around 10 percent of gross domestic product (GDP).<\/p>\n

In 2016, cash inflows from Filipino workers overseas grew by five percent, higher than the central bank\u2019s four percent target.<\/p>\n

This year, the BSP\u2019s remittance growth assumption is still four percent.<\/p>\n

As of end-August this year, remittances rose by 5.4 percent to USD18.595 billion. Including in-kind remittances, total remittances posted an uptick of 6.4 percent to USD20.723 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2014 Strong domestic spending is seen to continue in the Philippines as remittance inflows remain robust, an economist of ING …<\/p>\n","protected":false},"author":33,"featured_media":45359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[20472,28166,14146,28165],"class_list":["post-124431","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bangko-sentral-ng-pilipinas-bsp","tag-domestic-spending","tag-ing-bank-manila","tag-ofw-remittances-up-7-8-to-usd2-5-b-in-august","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/124431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=124431"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/124431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/45359"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=124431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=124431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=124431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}