We are sorry, the requested page does not exist
Philippine remittances rise by 2.9 pct in November
MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3 billion U.S. dollars in November 2023, 2.9 percent higher than the 2.9 billion dollars recorded in November 2022, the Philippine central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.9 percent to 33.6 billion dollars in the first 11 months of 2023 from 32.6 billion dolla.....»»
Remittances reach P2.78B, rise by 2.9%
PAMPANGA – Cash remittances coursed through banks increased in May following the growth in receipts from workers abroad. Data from Bangko Sentral ng Pilipinas showed on Monday that overseas Filipino remittances reached $2.78 billion in May 2023, higher by 2.9 percent than the $2.70 billion registered in the same month last year. "The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers," BSP said in a statement. Consequently, personal remittances for the first five months of the year grew by 3.1 percent to $14.46 billion, from $14.02 billion posted in the comparable period in 2022. On a year-to-date basis, cash remittances reached $12.98 billion, 3.1 percent higher than the year-ago level of $12.59 billion. "The growth in cash remittances from the United States, Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first five months of 2023," BSP said. "Meanwhile, in terms of country sources, the U.S. posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan," BSP added. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued growth in the year-on-year overseas Filipino remittances growth might have to do with increased OFW remittances sent back home in May 2023 in time to finance holiday-related spending continued since the Holy Week in April 2023. "More people travel to go back to their respective hometowns in the provinces for vacations, also during the school break (June to July), spend for gatherings/reunions, as well as finance vacations locally or overseas," Ricafort said. He added that relatively higher inflation also required sending more overseas Filipino remittances to families and dependents in the Philippines. Ricafort said further reopening the economy towards greater normalcy also led to increased spending with some pent-up demand or even some revenge spending by OFW families and dependents locally that are partly financed by increased sending OFW remittances. The post Remittances reach P2.78B, rise by 2.9% appeared first on Daily Tribune......»»
BSP cuts 2-year BOP forecasts
The Bangko Sentral ng Pilipinas on Friday lowered its forecasts for the country’s balance of payments for this year and 2024 due to weaker global growth prospects and the downside risks of the trade outlook. The BSP expects the BoP to be in deficit this year, with a shortfall of $1.2 billion, down from the $1.6 billion deficit that the BSP forecasted in March. “The overall BoP position is expected to post lower deficit levels in 2023 and 2024 than previously anticipated due to revisions made in the forecasts for both the current account and financial account,” the BSP said. In a briefing, BSP Director Sittie Hannisha Butocan of the Department of Economic Research explained that domestic and external risks affect the country’s BOP. She added that these risks come from inflation, less pent-up demand because of higher interest rates, and tighter fiscal space. China risks Butocan noted that China poses risks and opportunities for global trade, especially for regional trade that affects BOP. Even though China’s economy is reopening and getting back to normal after supply-side problems, especially with oil, it is growing more slowly than projected. The BSP said that weak external demand is likely to continue, which will “weigh on the trade and investment prospects in emerging market economies, including the Philippines. Even as the domestic economy continued to recover strongly from the pandemic, the spillover effects from the global economic slowdown can be a major drag.” The BOP shortfall is $3.3 billion as of the end of April this year. The BSP only gives information about the current account, which is a big part of the BOP, every three months. Monetary Policy Subsector officer-in-charge Paolo M. Alegre Jr., for his part, said the latest current account showed a deficit of $4.3 billion as of the first quarter of this year. He said that this was because of the growing trade-in goods deficit and lower net receipts in the main income account. The increase in net receipts in the trade-in services account helped to lessen the effect of these factors. The BSP now thinks that this year’s current account deficit will be $15.1 billion, which is less than its earlier prediction of $17.1 billion. Butocan said that the current account will be helped by a steady recovery in the BPO and tourist industries and by remittances that keep coming in. 2024 expectations Next year, the Central Bank expects the country’s BOP to have a $0.5 billion deficit, which is -0.1 percent of GDP. “For 2024, the overall BOP position is projected to post a slightly lower deficit relative to the previous forecast. This is hinged mainly on the foreseen normalization and return to pre-pandemic levels of global and domestic economic activity,” the BSP said. The central bank predicts a $15.4 billion current account deficit next year as the trade-in goods gap narrows. The BSP also predicted 6 percent export growth and 8 percent import growth for next year.The Central Bank also expects the services exports to rise by 16 percent and imports by 10 percent in 2024. Next year, BPO receipts may climb by 9 percent and travel receipts by 50 percent. Growth prospects “Growth prospects for BPO and travel sectors remain on a steady course. The latter is forecasted to exceed its pre-pandemic level by 2024 buoyed by much-improved international mobility and supported by government-led tourism promotion programs to regain market losses from the pandemic,” the BSP said. The central bank also expects 3 percent cash remittance growth in 2024 as Filipino workers fill in for the labor shortage resulting from pandemic-induced job losses and aging populations in host economies. Meanwhile, BSP reduced its financial account prediction to $14.4 billion from $15.7 billion next year. It also expects the Foreign Direct Investments net inflows to reach $11 billion and foreign portfolio investments net inflows at $3.5 billion. The central bank said its forecasts are limited due to persistent external concerns. The BSP assured that it would regularly monitor external sector developments and risks affecting its pricing and financial stability objectives. The post BSP cuts 2-year BOP forecasts appeared first on Daily Tribune......»»
Remittances sustain rise to hit 6-month high
Remittances from overseas Filipino workers continue to climb, hitting the highest level in six months in June amid further global economic reopening, although at a slower pace than the double-digit growth recorded in April and May, according to the Bangko Sentral ng Pilipinas......»»
T-bill rates rise on inflation recoil
The rates for the government’s short-term securities picked up across the board as the market expects inflation to have snapped four straight months of easing......»»
As air fares go up, airlines dangle early bookings for flights
As worries that air fares may rise in the coming months, the country’s top carriers are urging travelers to book their flights early to take advantage of cheaper prices......»»
Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
BSP to keep policy stance sufficiently tight
Despite the slowdown in the rise in consumer prices in the past four months, monetary authorities deem it necessary to keep monetary policy settings sufficiently tight until there is sustained decline in inflation......»»
Remittances ease to $3 billion in November
Remittances sent home by Filipinos abroad eased to $3 billion in November 2023, reaching their lowest level in six months despite the holiday season......»»
Remittances hit 10-month high in October
The amount of money sent home by overseas Filipino workers (OFWs) to their loved ones in the Philippines continues to pick up during the ‘ber’ months, rising by more than three percent in October and reaching its highest level in 10 months......»»
Philippines remittances grow 3.1 pct in October
MANILA, Dec. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.33 billion U.S. dollars in October, 3.1 percent higher than that in October 2022, the Philippine central bank said on Friday. "This resulted in total personal remittances rising by 2.9 percent to 30.57 billion dollars in the first 10 months of 2023 from 29.72 billion dollars recorded in the comparable period in 2022," the Bangko S.....»»
Philippines remittances grow 3.1 pct in October
MANILA, Dec. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.33 billion U.S. dollars in October, 3.1 percent higher than that in October 2022, the Philippine central bank said on Friday. "This resulted in total personal remittances rising by 2.9 percent to 30.57 billion dollars in the first 10 months of 2023 from 29.72 billion dollars recorded in the comparable period in 2022," the Bangko S.....»»
Lancaster New City s first low-rise condo Westwind breaks ground, eyes turnover in Q3 2026
The first low-rise condominium of Profriends inside Lancaster New City, Westwind, has officially broken ground, with a targeted turnover in the third quarter of 2026. The groundbreaking ceremony took place in General Trias, Cavite last November 11, three months after the project’s grand unveiling at Acacia Alabang in Muntinlupa......»»
Pneumonia cases on the rise, DOH urges vulnerable groups to keep masks on
Vulnerable groups are advised to “please be comfortable to still wear masks when outdoors.” Health Assistant Secretary Beverly Ho said this in the wake of an an almost 50-percent uptick in the number of confirmed pneumonia cases in the country in the first 10 months of the year. Based on the latest data from the.....»»
Chikungunya cases rise 384 percent
Chikungunya cases in the country have more than tripled in the past 10 months compared to the same period last year, according to the Department of Health......»»
BOP surplus widens to $3.2 billion in 10 months
The Philippines posted a balance of payments surplus of $3.2 billion from January to October amid rising remittances from overseas Filipino workers, narrowing trade deficit and higher foreign borrowings by the national government, according to the Bangko Sentral ng Pilipinas......»»
MPIC core earnings rise 37 percent from January to September
Metro Pacific Investments Corp., the tollways and infrastructure conglomerate that has been re-privatized, reported a consolidated core net income of P16.2 billion in the first nine months, up 37 percent, driven by power and higher water tariff for the water concession......»»
ACEN earnings rise by 59 percent
ACEN Corp. the energy platform of the Ayala Group, grew its earnings by more than half in the nine months ending September on the back of higher revenues and gains from the sale of a stake in the Salak and Darajat geothermal plants in Indonesia......»»
Philippines gross int l reserves rise to 101.1 bln USD in October
MANILA, Nov. 8 (Xinhua) -- The Philippines' gross international reserves (GIR) rose to 101.1 billion U.S. dollars at the end of October from 98.1 billion dollars at the end of September, the Philippine central bank said Tuesday night. The Bangko Sentral ng Pilipinas (BSP) said the latest GIR level represents a more than adequate external liquidity buffer equivalent to 7.5 months' worth of imports of goods and pa.....»»