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Overseas Filipino remittances sustain growth in November 2012

15 January 2013 No CommentEmail This Post Email This Post

Remittances continue to grow in November 2012 to an aggregated US2.1 billion, a growth of 7.6 percent from last year.  Remittances for the first eleven months of 2012 reached US$21.6 billion. (AP Photo)Personal remittances from overseas Filipinos (OF) aggregated US$2.1 billion in November 2012, representing a 7.6 percent growth from the level registered in the same period in 2011, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.1 As a result, personal remittances for the first eleven months of 2012 reached US$21.6 billion, higher by 6.1 percent than the level recorded in the same period of the previous year. The continued expansion in personal remittances during the eleven-month period was underpinned by the 12.7 percent growth in transfers from sea-based workers and land-based overseas Filipino workers with short-term contracts, as well as the 13.4 percent increase in remittances from land-based workers with work contracts of one year or more.

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