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Global economy causes remittances to rise in popularity in the Philippines

According to new numbers released from the Bangko Sentral ng Pilipinas (BSP), remittances sent by Filipinos who are working abroad rose by a staggering 8.2 percent in July, reports Inquirer.net.

The total amount of money sent by remittances in the first eight months of 2010 was $10.68 billion, which is a 7.1 percent increase compared to the first eight months of last year. In July alone the total was $1.62 billion this year, up from $1.49 billion in July, 2009.

“Underpinning mainly the resilience of remittances is the continued demand for Filipino manpower worldwide as global employment prospects remained favorable,” Amando Tetangco Jr., BSP governor, said in a statement.

He added that these latest numbers indicate that remittances send from Filipinos living abroad will likely increase throughout the rest of the year. He cites job opportunities in the service, professional, technical and production fields as part of the cause for remittances.

The Migration Information Source indicates that were 1.6 million foreign born residents from the Philippines living in the United States in 2006. Those individuals accounted for 4 percent of all immigrants living in the U.S. that year. Nearly two-thirds of those in that group were of eligible working age.

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