Monday, 18 June 2012
OF remittances Jan-April total $7.3B, up 5.6% — BSP
"About three-fourths or 74.7 percent of the aggregate amount of personal remittances in January-April 2012 consisted of transfers from OF workers with work contracts of one year or more while nearly a fourth or 23 percent came from sea-based workers and land-based OF workers with short-term contracts," the BSP noted.
In April, personal remittances reached $1.9 billion, of which $1.7 billion were cash remittances.
The BSP also explained that the new term, "personal remittances" represents the total of net compensation of employees, personal transfers in cash or in kind, and capital transfers between migrants and their dependents.
"Personal remittances, being broader in scope, would measure the total amount of remittance flows into the country, including cash and non-cash items that flow through both formal (via electronic wire) and informal channels," the BSP said.
The new way of measuring OF remittances is based on the sixth edition of the International Monetary Fund's Balance of Payments and International Investment Position Manual (BPM6), which provides the framework for the compilation of the balance of payments.
Source: ELR, GMA News, 15 June 2012