{"id":240256,"date":"2019-12-17T01:48:16","date_gmt":"2019-12-17T06:48:16","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=240256"},"modified":"2019-12-17T01:48:16","modified_gmt":"2019-12-17T06:48:16","slug":"remittances-seen-as-among-pesos-boost-this-year","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2019\/12\/17\/remittances-seen-as-among-pesos-boost-this-year\/","title":{"rendered":"Remittances seen as among peso\u2019s boost this year"},"content":{"rendered":"
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On Monday, the Bangko Sentral ng Pilipinas (BSP) reported that cash remittances grew by 8 percent last October alone to USD2.67 billion, while year-to-date expansion was 4.6 percent to USD24.9 billion. (Pixabay photo)<\/figcaption><\/figure>\n
MANILA<\/strong>\u00a0— The Philippine peso is expected to receive a boost from the strong inflows of remittances this year, but the situation can reverse next year on projected improvement of imports.<\/div>\n
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In a research note, ING Bank Manila Senior Economist Nicholas Mapa said the local currency has been getting additional support from the robust inflows from overseas Filipino workers (OFWs).<\/div>\n
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On Monday, the Bangko Sentral ng Pilipinas (BSP) reported that cash remittances grew by 8 percent last October alone to USD2.67 billion, while year-to-date expansion was 4.6 percent to USD24.9 billion.<\/div>\n
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The monthly remittance growth last October was the highest so far this year.<\/div>\n
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On Monday, the peso ended the trade at 50.635, sideways from its 50.64 close last Friday.<\/div>\n
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Mapa said remittance inflows in the 10th month this year is higher-than-expected \u201chelping provide additional strength for the peso in 2019 and gives hope for a strong consumption print in fourth quarter\u201d.<\/div>\n
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He said cash remittances remain resilient despite the issues like the US-China trade war, the unrest in Hong Kong, and the geo-political concerns in the Middle East.<\/div>\n
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\u201cThis development highlights the unchanging narrative of the Philippine current account: OF (overseas Filipino) remittance growth,\u201d he added, citing \u201ccome hell or high recession, remittance flows have grown with Filipinos always finding a way to make Christmas merry\u201d.<\/div>\n
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Mapa, however, discounted a similar situation next year as the current account expected to come under renewed pressure on projected imports related to the government\u2019s fiscal push.<\/div>\n
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\u201cBut one thing\u2019s for sure, OF remittance will continue to post decent growth prints to offset this weakening pressure,\u201d he added.<\/div>\n
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Philippine Statistics Authority (PSA) data show that imports posted a 10.8-percent decrease last October alone, a turn-around from year-ago\u2019s 26.2 percent expansion, due partly to the decrements of nine of the 10 major import commodities like iron and steel, cereals and cereal preparations, and industrial machinery and equipment.<\/div>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The Philippine peso is expected to receive a boost from the strong inflows of remittances this year, but the …<\/p>\n","protected":false},"author":44,"featured_media":239989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-240256","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/240256","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=240256"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/240256\/revisions"}],"predecessor-version":[{"id":240257,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/240256\/revisions\/240257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/239989"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=240256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=240256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=240256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}