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Jun 09th
Home Community RP Government Updates BSP Sees Remittances to Remain Strong in 2009
BSP Sees Remittances to Remain Strong in 2009 PDF Print E-mail
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Communities - RP Government Updates
Written by Philippine Consulate General of Los Angeles   
Monday, 16 March 2009 21:18

R emittances are seen to remain strong with the continued robust deployment of Overseas-Filipino workers (OFWs) amid the current global economic and financial turmoil.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo told reporters Friday that several banks have reported that volume of remittances is in double digits in the first two months of this year.

He said monetary officials consider this as a reason to believe that growth of remittances will be faster than the 0.8 percent month-on-month growth in December 2008, when the volume reached US$ 1.4 billion from the previous month`s US$ 1.3 billion.

In the whole of 2008, remittances sent by Filipinos abroad registered a 13.7-percent growth after it reached US$ 16.4 billion. This is higher than the central bank`s forecast of US$ 16.3 billion..

``We have enough reasons to expect that remittances will remain strong, probably beyond December growth,`` he said on the sidelines of the Chamber of Thrift Bank (CTB) national convention at the Dusit Thani Hotel in Makati City.

Guinigundo said initial figures from the Philippine Overseas Employment Administration (POEA) showed that nearly 200,000 Filipinos have been sent to work abroad in the early part of this year.

He said more job orders are on the pipeline and once these are filled up, will continue to power remittance growth.

Remittance is among the major fuels of the economy`s growth in 2007 when the domestic economy posted a 7.2 percent growth.

Monetary officials said the current global economic situation will result in job loss of Filipinos abroad, thus, this will lower the volume of remittances sent here; but they also said that this will be offset by the fact that demand for highly skilled OFWs remains strong.

IMO Release 1096

* PGMA asks Kiwanis Int`l to be government`s partner in pro-poor projects

P resident Gloria Macapagal-Arroyo today asked in Cebu City the Kiwanis International to be the government`s partner in projects that will benefit the poor and the middle class especially at this time when people are already beginning to feel the impact of the global financial crunch.

In her message at the 34th Kiwanis Asia-Pacific Conference held at the Waterfront Hotel Lahug, the President noted that the government`s thrust to help the poor is in consonance with the Kiwanis way of life, to make life of the poor better.

She said that the government has embarked on several cost-saving measures so that those savings will be spent for projects that will benefit the poor who are the hardest hit by the present crisis.

``The government must pour all savings and revenue into programs that help the poor and the middle class. This includes more and more investments in education, healthcare and infrastructure,`` the President said.

``Since Kiwanis clubs are always open to partnerships with others, including governments throughout the world, I invite you to increase the reach of your civic projects by considering partnerships with our government in these important initiatives,`` the President added.

The President noted that education may be the program thrust that would be most interesting to Kiwanis clubs as the organization has a long history of supporting the growth and development, and especially the education of children.

She cited the Kiwanis Club of Cebu for running, for almost 30 years now, a successful collegiate scholarship program that has sent numerous poor students from Cebu to college.

The President also encouraged the Kiwanis to support feeding programs for schoolchildren as well as job training and opportunities for graduates.

``We must tackle many challenges at once to keep our economy and way of life going strong. On the part of government, we must live within our means and run a lean, efficient government. All the while, we must also simultaneously invest in people,`` the President said.

Due to the present global economic crisis that has resulted to retrenchment of workers, the President assured that no one in the government service will lose his job.

She said that with the implementation of the rationalization program of government, ``no one shall be dislocated.``

She explained that if an employee occupying a position that has been declared redundant opts to stay in government service, the position shall only be abolished upon the regular retirement of the employee.

The President said the government and the Kiwanis Club can ``Together we can; together, we strive -  this task to fulfill`` as she paraphrased a song at the Kiwanis Cebu website.

``Indeed, together we can make a difference, for we share a common passion: ``We will all be in service together,`` the President stressed. # # #


Posted by: The Philippine Consulate General

3600 Wilshire Blvd., Ste. 500, Los Angeles, CA 90010

Tel. (213) 639-0980/Fax (213)639-0990

Website –

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Last Updated on Monday, 16 March 2009 21:22

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