MANILA, Philippines - Money sent home by Filipinos abroad grew 6.7% to $1.5 billion in October, the highest monthly remittance level recorded so far, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.
The October figure was equivalent to a 3.7% growth from the previous month's remittance level of $1.446 billion. It also brought the country's total remittance inflows to $14.3 billion for the first 10 months of the year, a 4.5% increase year-on-year.
The surge in October remittance to the Philippines may be attributed to the seasonal semestral education related expenses of Filipino families and the assistance from abroad to those affected by damages brought about by Ondoy and other natural calamities.
Overall, the IMF and BSP separate forecasts for growth in remittances should boost the local consumer spending, to offset the negative impact of recent typhoons.
What does this report tells us? To those who send money to the Philippines, it means that the government continues to depend on foreign remittances to support the economy. This should lead to easier and cheaper ways to send money to the Philippines and more government programs to protect and help the families of Filipinos working or migrating abroad.
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