Philippine remittances up 8.8%

Remittances from overseas Filipino workers (OFWs) went up by 8.8 percent on year to 2.28 billion U.S. dollars in October due to an increase in cash transfers, the local central bank said Monday. The Philippine central bank said remittances in October saw the highest monthly growth rate recorded this year. It also increased the likelihood that the government's full-year projection of a 5 percent hike in remittances in 2013 would be breached. Cash remittances of OFWs coursed through banks grew by 7 percent on year to 2.1 billion U.S. dollars in October. In January to October, the Philippine central bank said remittances went up by 6.8 percent on year to 20.5 billion U.S. dollars. Major sources of remittances were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. The central bank said sustained demand for skilled and professional Filipino manpower overseas supported the steady rise in remittances in the 10-month period. Data from the Philippine Overseas Employment Administration indicated that approved job orders reached 675,966 in January to October period.