‘Philippine Remittances’ increase in May

Overseas Filipino workers keep our economy afloat with remittances to the Philippines for their relatives and friends. Based on the data from central bank, Philippine Remittance sent by Filipinos abroad grew 5.5 percent year-on-year to $9.26 billion as of the end of May. This means our fellow men send remittance to the Philippines increased 5.2 percent to $1.97 billion from the same period last year, and 4.28 percent from April this year. According to the central bank’s record, Philippine remittance for the entire year will hit $21.1 billion, or at least 5 percent more than the $20.1 billion registered in 2011. The Philippines emerged as the world’s fourth biggest recipient of ‘pera padala’ or remittances in 2010, behind India, China and Mexico. Monetary officials stated that the move of Philippine remittance company, like iRemit to the Philippines, to expand their services abroad encouraged overseas Filipinos around the world to send money to the Philippines more often. OFWs send remittance to the Philippines through a bank or remittance company who offer affordable fee or others hand-carried by a home-bound friend, or friend of a friend. ‘Pera padala’ is the safest and easiest way nowadays and it can be done online in a minute or two.