2011.01.1706:14:00UTC+00Philippines' Remittances Continue To Rise

Remittances from overseas Filipinos coursed through banks increased 10.5% year-on-year to reach US$1.6 billion in November, central bank governor Amando Tetangco said Monday. This was the second highest double-digit monthly increment recorded during the year.

Data from the Bangko Sentral ng Pilipinas showed that strong remittance from both sea-based and land-based workers since the start of the year brought the cumulative remittance level for the eleven-month period to US$17.1 billion. Remittance rose by 8.2% on a yearly basis during January to November.

The bulk of remittances came from the U.S., Canada, Saudi Arabia, Japan, the U.K., United Arab Emirates, Singapore, Italy, Germany and Norway.

Going forward, given steady levels of remittances through November this year, the projected full year 2010 remittance level will likely be achieved, the central bank said.