{"id":62022,"date":"2015-09-26T00:44:29","date_gmt":"2015-09-25T16:44:29","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=62022"},"modified":"2015-09-27T00:49:57","modified_gmt":"2015-09-26T16:49:57","slug":"remittances-to-phl-remains-strong-to-support-bop-bsp-exec","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/09\/26\/remittances-to-phl-remains-strong-to-support-bop-bsp-exec\/","title":{"rendered":"Remittances to PHL remains strong to support BOP \u2013 BSP exec"},"content":{"rendered":"
\"Bangko<\/a>
Bangko Sentral ng Pilipinas (Wikipedia photo)<\/figcaption><\/figure>\n

MANILA \u2013 Growth of remittances going to the Philippines remains within the central bank\u2019s five percent target but it has slightly slowed compared in the previous years.<\/p>\n

Bangko Sentral ng Pilipinas (BSP) data shows that cash remittances has been growing at about five percent level since November 2014.<\/p>\n

In June 2015 alone, cash remittances grew by 5.6 percent, a drop from the six percent expansion same period in 2014.<\/p>\n

Inflows amounted to US$ 2.18 billion in the sixth month this year, higher than month-ago\u2019s US$ 2 billion and year-ago\u2019s US$ 2.1 billion.<\/p>\n

Cash remittances posted its fastest expansion in January 2013 when it rose by 9.1 percent to US$ 1.7 billion.<\/p>\n

Remittances has been among the major drivers of the domestic economy for years now as it contributes about 10 percent in gross domestic product (GDP).<\/p>\n

It has also proven its resiliency during the recent global financial turmoil.<\/p>\n

And while its growth has slowed a bit, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo remains confident that it will continue to be a major boost for the domestic economy.<\/p>\n

He explained that the seeming slowdown of inflows from overseas Filipinos is not negative because it only reflects that remittance business in the country is reaching maturity.<\/p>\n

\u201cThe growth of five to six percent is something that is already appropriate in this point,\u201d he said in a briefing Friday.<\/p>\n

Guinigundo also cited the softness in global expansion as another factor in the slight slowdown in remittance inflows.<\/p>\n

He, on the other hand, pointed out that the inflows are now more recession-proof because of the diversified profiles of overseas Filipino workers (OFWs).<\/p>\n

Previously, most of the Filipino workers abroad are household helpers or construction workers.<\/p>\n

Now, more OFWs are skilled and work in the field of medicine and information technology among others.<\/p>\n

And with higher remittance coming from skilled workers the central bank official is optimistic that the inflows would continue to firmly support the country’s balance of payment (BOP) position.<\/p>\n

\u201cI think a five to six percent growth assumption is appropriate at this point. The US$ 24, US$ 25 or US$ 26 billion inflows from remittances will continue to support the BOP,\u201d he added.<\/p>\n

As of last August, the country\u2019s BOP, which is the sum of the economy\u2019s total transaction with the rest of the world, yielded a surplus of US$ 1.6 billion, a reversal from the US$ 3.5 billion same period last year.<\/p>\n

The central bank\u2019s BOP target for 2015 is a surplus of US$ 2 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2013 Growth of remittances going to the Philippines remains within the central bank\u2019s five percent target but it has …<\/p>\n","protected":false},"author":33,"featured_media":10675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[35],"class_list":["post-62022","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","tag-original","mauthors-joann-santiago","mauthors-philippines-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/62022","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=62022"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/62022\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/10675"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=62022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=62022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=62022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}