Bangko Sentral ng Pilipinas, the central bank of the Republic of the Philippines, announced last Friday that remittances from overseas Filipinos grew 11.3% in November, “posting the highest year-on-year expansion since October 2008.” (1) Although only including sums remitted through banks, families in the Philippines collectively received approximately $1.5 billion (USD) from abroad. This brings the total to $15.8 billion (USD) for the year, a 5.1 percent increase over the same period in 2008. Major sources of remittances included the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, United Arab Emirates, Italy, and Germany.
Tuesday, January 19, 2010
Large Year-on-Year Jump in Remittances
Bangko Sentral ng Pilipinas, the central bank of the Republic of the Philippines, announced last Friday that remittances from overseas Filipinos grew 11.3% in November, “posting the highest year-on-year expansion since October 2008.” (1) Although only including sums remitted through banks, families in the Philippines collectively received approximately $1.5 billion (USD) from abroad. This brings the total to $15.8 billion (USD) for the year, a 5.1 percent increase over the same period in 2008. Major sources of remittances included the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, United Arab Emirates, Italy, and Germany.
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Nice post! Thanks for pulling the data and taking the time to present it graphically.
ReplyDeleteThere's a big jump from 2007 to 2008, which I suppose is understandable (though note the convergence around October). But why do you suppose remittances (through banks) were pretty consistently higher last year, especially since most of the rich world was experiencing an economic slowdown?