{"id":15872,"date":"2014-06-18T21:01:42","date_gmt":"2014-06-18T13:01:42","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=15872"},"modified":"2014-06-18T21:01:42","modified_gmt":"2014-06-18T13:01:42","slug":"phs-robust-remittances-fuel-up-bop-position","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/06\/18\/phs-robust-remittances-fuel-up-bop-position\/","title":{"rendered":"PH’s robust remittances fuel up BOP position"},"content":{"rendered":"
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MANILA — A Singapore-based DBS bank said that the robust remittance inflows from Filipinos outside the country will continue to fuel the country\u2019s balance of payments position and private consumption.<\/p>\n

\u201cEven if (it) has slowed, at the current pace, OFW remittances are still likely to reach $24 billion by year-end,\u201d DBS said in a research note.<\/p>\n

This prediction is somehow similar to that of Bangko Sentral ng Pilinas which made a forecast that remittances will be growing by five percent this year over the $22.968 billion\u00a0in 2013.<\/p>\n

It also sees a BOP surplus of $3 billion, with a current account surplus of $10.4 billion.<\/p>\n

Last year the country\u2019s BOP position settled at a surplus of of $5.085 billion with a current account surplus summing up to $9.4 billion.<\/p>\n

The surplus was caused by the increase in the remittances from OFW and the increase in the profits of the business process outsourcing sector.<\/p>\n

DBS also added that OFW remittances will continue driving the current account component of the country\u2019s balance of payments position.<\/p>\n

\u201cAnd not only that, strong OFW remittances will continue to prop up domestic growth.<\/p>\n

Remittances which makes up 8.4 percent of the country\u2019s gross domestic product, is an essential factor that drives the domestic consumption.<\/p>\n

DBS however pointed out that the country must be aware on the risks it may cause in the prices of goods and services.<\/p>\n

\u201cNote that while private consumption is resilient, there are some risks on the inflationary front,\u201d DBS said.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA — A Singapore-based DBS bank said that the robust remittance inflows from Filipinos outside the country will continue to …<\/p>\n","protected":false},"author":44,"featured_media":11584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19],"tags":[3747,5601],"class_list":["post-15872","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","tag-balance-of-payments","tag-remittances","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/15872","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=15872"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/15872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/11584"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=15872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=15872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=15872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}