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ABS-CBNNews.com Report: Remittances hit monthly record high in Oct

Taken from ABS-CBN Online News:

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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About this Site

This site aims to provide you with everything you need to know to send money to the Philippines. With about 10 million Pinoys living overseas, mostly to work, remittances to the Philippines remain to be the economy's main source of foreign fund. The World Bank estimated 17B USD in remittances by end of 2009, next only to India and China as the world's top recipient countries of remittances. I hope this site can provide a comprehensive guide and all the possible options for Filipinos living abroad and Foreigners living in the Philippines to provide for their families and loved ones in the most economical and convenient way.