Growth In Remittances Slowing Down — Bsp Data

[Mr Lee]

I think this should result in a higher exchange rate for those of us living on other currencies. What do you think it will mean?05/17/2011Growth in remittances from Filipinos abroad is plateauing based on recent Bangko Sentral ng Pilipinas (BSP) data that showed foreign transfers totaling $1.6 billion in March or 1 4.1 percent growth from the previous month.In February, the growth in remittances was at a higher 6.2 percent but was already a deceleration from the previous month.“Remittances growth at 4.1 percent in March compared to 6.2 percent in February marked the fourth straight month of deceleration,” HSBC economist Sherman Chan said.Total remittances in the first-quarter was recorded at $4.59 billion, representing a 5.9 percent growth from a year ago but was down two percent from the previous quarter.“With yet another month of notable deceleration in remittance growth, it has become increasingly difficult to refute the fact that growth of money inflows from OFWs (overseas Filipino workers) is losing steam,” Chan said.The complete story HERE

[Jim Sibbick]

I think this should result in a higher exchange rate for those of us living on other currencies. What do you think it will mean?05/17/2011Growth in remittances from Filipinos abroad is plateauing based on recent Bangko Sentral ng Pilipinas (BSP) data that showed foreign transfers totaling $1.6 billion in March or 1 4.1 percent growth from the previous month.In February, the growth in remittances was at a higher 6.2 percent but was already a deceleration from the previous month.“Remittances growth at 4.1 percent in March compared to 6.2 percent in February marked the fourth straight month of deceleration,” HSBC economist Sherman Chan said.Total remittances in the first-quarter was recorded at $4.59 billion, representing a 5.9 percent growth from a year ago but was down two percent from the previous quarter.“With yet another month of notable deceleration in remittance growth, it has become increasingly difficult to refute the fact that growth of money inflows from OFWs (overseas Filipino workers) is losing steam,” Chan said.The complete story HERE

It is all in the language

Total remittances in the first-quarter was recorded at $4.59 billion, representing a 5.9 percent growth from a year ago

A different reporter might put a positive spin on the fact that remittances are growing, not shrinking instead of bemoaning the fact that the rate of growth is less.Regards; Jim