MANILA – A recent data from the Bangko Sentral ng Pilipinas showd that the country’s remittances rose to a record high in October.
Almost 10 million migrant workers sent cash to the Philippines projecting inflow durability despite global economic conditions.
Comparing with other official projections, the remittances increased to 20 billion for the 10 months to October.
“The steady demand for skilled professional Filipino manpower supported the growth in remittance inflows,” the Bangko Sentral ng Pilipinas (BSP), which tracks the flows, said in a statement.
Given the local banks set up, it is now easier for people to send money to the Philippines.
This attributed to the rise of the remittances to 7 percent or $2.22 billion for October alone.
In effect, the growth brought remittances to a total of $19.87 billion from the start of the year to the end of October, growing 6.2 percent over 2013 levels.