BSP sets review of 2011 remittance
Wednesday, 23 March 2011 00:00
THIS year's eight percent growth projection of the Bangko Sentral ng Pilipinas (BSP) for remittances will be reviewed to determine impact of developments abroad to the country's external payments position.
BSP governor Amando Tetangco Jr. said the review is part of the twice-a-year review of the components of the balance of payments (BOP) among others, done in April and October. He said they will take into account "both current and (likely) future trends as we scan the operating environment." Among the factors that monetary officials consider as a factor in the remittance growth is the on-going political unrest in the Middle East and North Africa (Mena).
BSP officials said the immediate impact of the crisis in some Mena countries is on remittances but stressed that it will not result to a major problem since contribution of remittances from Libya in particular is only small. Tetangco also pointed out that there are factors that counterbalance the "pockets of vulnerabilities in some Mena states due to social unrest" as well as the increase in oil prices.
"Global confidence and risk tolerance are key in determining future developments, particularly insofar as our external payments are concerned," he added.
On the other hand, BSP is to date mum on the impact of the earthquake and tsunami in Japan to remittances coming to the Philippines.
Money sent home by Filipinos in Japan totaled to nearly US$883-billion in 2010, 14.15 percent up over year-ago's US$773.6-billion.
Last year, the country posted record-high remittance inflows after it grew by 8.2 percent year-on-year to US$17.76-billion over the previous year's US$17.35-billion. This year, BSP still sees another eight percent growth for remittances on account of strong demand for overseas Filipino workers and their beneficiaries' wider access to remittance services. pna
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