Remittances rise in July on Pinoy labor demand

HARD WORK. Nearly 10 percent of the country's 90 million people work abroad — many as nurses, maids, engineers, construction workers and seamen. Charlie Magno file photoRemittances from Filipinos working abroad amounted to $1.5 billion in July, up 9.3 percent from a year earlier due to sustained demand for Filipino manpower and increased access to money transfer facilities, officials said Tuesday.

Cental Bank Governor Amando Tetangco said Tuesday he expects remittances to remain stable for the rest of year because of the “sustained remittance flows at the onset of the second half of the year and continuing signs of improving global economic conditions."

Remittances in January-July have totalled $10 billion, up 3.8 percent from a year earlier.

The United States, Canada, Saudi Arabia, Britain, Japan, Singapore, United Arab Emirates, Italy, and Germany have been the major sources of remittances this year.

Nearly 10 percent of the country's 90 million people work abroad — many as nurses, maids, engineers, construction workers and seamen.

Last year, overseas Filipinos sent home $16.4 billion, equal to 10.4 percent of the country's gross domestic product and fueling domestic consumption.

Aggressive marketing by banks and non-bank remittance centers abroad have resulted in the “greater capture" of money being sent home by Filipinos overseas, the central bank said. - AP

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