Philippine Remittances Rise at Slowest in 16 Months
Remittances from overseas Filipinos rose at the slowest pace in more than a year in October amid a global financial crunch and economic recession.
Money sent back to the Philippines increased 3.3 percent from a year earlier to $1.43 billion, the central bank said in a statement in Manila today. That’s the slowest pace since June last year. Remittances grew 16.9 percent in September.
The number of Filipinos who got jobs as sailors, maids and health-care workers overseas rose 26 percent to 1.12 million in the first 10 months of the year, the central bank said.
The worldwide recession may further reduce demand for Filipino workers, whose remittances make up about a 10th of the economy. The global slump is also damping demand for Philippine exports. Remittance growth may slow next year, central bank Governor Amando Tetangco said Dec advance payday loans. 4.
Local job creation may fall by half to 500,000 next year, the Philippine Star this month cited Employers Confederation of the Philippines President Sergio Ortiz Luis as saying. President Gloria Arroyo in October said the government is considering a “massive” retraining program for Filipinos who may lose jobs at home and abroad.
Slowing remittance growth may hurt the peso, which is headed for its worst annual loss in eight years.
Funds sent home by the more than 8 million Filipinos living abroad climbed 15.5 percent to $13.7 billion in the first 10 months of 2008 from a year earlier.
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