Remittances in Philippines forecasted to grow by 8%

Remittances in the Philippines are predicted
to grow by 8% next year to $20.2bn as host economies show signs of
recovery.

The country’s central bank, the Bangko Sentral
ng Pilipinas (BSP), made the prediction claiming sustained
improvement in most host economies and increased demand for
Filipino workers overseas would ensure the expansion of fund
transfers.

A report by BSP’s Monetary Board said other
factors may also contribute to higher remittances, including:
increased tie-ups between local banks and remittance centres
overseas and improvements in bank services for overseas Filipino
workers.

The BSP expects remittances to hit $18.7bn at
the end of this year, up from $17.3bn in 2009. 

Western Union recently announced consumers can
send money transfers from almost 70,000 of its agent locations in
27 countries directly to Globe Telecom and Smart Communications
mobile subscribers in the Philippines.

Upon visiting a participating Western Union
agent location, the sender provides the receiver’s mobile number
and the funds are sent to the receiver’s mobile wallet instead of
being paid out in cash.

Consumers in Australia, Ireland, New Zealand,
Switzerland, the UK and the US can also transfer funds using their
credit or debit cards via Western Union’s website directly to
mobile wallets or accounts ties to mobile phones in the
Philippines.