Remittances from Filipinos overseas rose 5.4 percent year-on-year in January despite the global uncertainties, as demand for professional and skilled workers in traditional markets remain strong.
The Bangko Sentral said remittances coursed through banks reached $1.6 billion during the month, up from $1.48 billion a year ago.
The growth in January remittances, however, was slower than the 7.6-percent rise recorded in January 2011 and the 6.2-percent growth in December.
“Sustained demand for professional and skilled Filipino workers underpinned the steady flow of remittances,” said Bangko Sentral Governor Amando Tetangco Jr.
There were concerns Europe’s debt woes and the sluggish growth of the US economy, two major markets for Filipino workers, might adversely affect the inflow of remittances.
Hongkong and Shanghai Banking Corp. economist Trinh Nguyen said the slowdown in remittance inflows was not a reason to panic.
“Overseas Filipino workers sent less money home in January due to challenging conditions in host countries. While remittance growth has decelerated recently, it is still robust, which would continue to be a major driver of private consumption in the Philippines,” said Nguyen.
source: Manila Standard Today
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