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Higher remittances to counter negative impact of calamity on PHL growth

Posted on November 25, 2013

By Joann Santiago

MANILA, Nov 25 (PNA) — The expected uptick in remittances in the near term is seen to counter the negative impact of Typhoon Yolanda on the domestic economy’s growth.

This as Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo sees expansion of inflows from overseas Filipinos in the coming weeks as more Filipinos abroad send money to help their families affected by the super typhoon.

“That could provide additional counterweight and additional support to real GDP (gross domestic product),” he said.

As of last September, total personal remittances reached US$ 18.17 billion, up 6.6 percent from the US$ 17.05 billion same period last year.

Rise of remittances to the Philippines was generally ahead of the central bank’s five percent target for this year except last March when it grew by 3.7 percent year-on-year.

Guinigundo said “stronger flows” are expected this month for the rehabilitation needs of the people affected by the typhoon, which is being considered to be among the strongest in the world so far.

Remittance accounts to about eight percent of the country’s GDP growth and is one of the major driver of the economy.

In the first half of the year, the domestic economy grew by 7.6 percent, higher than the six to seven percent growth target of the government for this year.

Monetary officials are confident on the continued rise of remittances to the Philippines due to strong demand for Filipino workers abroad.

Preliminary data from the Philippine Overseas Employment Administration (POEA) showed that in the first nine months this year, approved job orders reached 609,948, 38.3 percent of which are processed job orders for the services, production, professional, technical and related works.

The processed job orders are for deployment to Saudi Arabia, United Arab Emirates, Kuwait, Taiwan, Qatar, and Hong Kong. (PNA)

 

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