MANILA – Money sent home by overseas Filipino workers (OFW) reached a record high in May, but the pace of growth is still slow as the world economy reels from the crisis. Data from the Bangko Sentral ng Pilipinas (BSP) showed that remittances grew 3.7% to $1.48 billion in May, the highest since March 2009. The latest figure brings the country’s total remittance inflows to $6.98 billion for the first 5 months of the year, a 2.8% growth from $6.79 billion reached in the same period in 2008. “The stream of remittances from overseas Filipinos continued to show signs of strength despite lingering global economic fragilities, providing some basis for cautious optimism regarding steady remittance levels for 2009,” BSP Governor Amando Tetangco said in a statement. The country’s major sources of remittances for the 5-month period were the United States, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany. The BSP attributed the rise in remittance inflows to the steady demand for professional and skilled workers and the expanded access of OFWs and their beneficiaries to a wide range of financial products and services offered by banks and other financial institutions. Aside from this, it would be noted that May is traditionally a strong month for remittances, as this is the month when parents pay the tuition fees of their children and other beneficiaries. The government continues to give assurances that jobs overseas remain available to absorb Filipinos looking for employment. Aside from hiring agreements it signed with Qatar, Saudi Arabia, Canada, Australia, Japan, and South Korea, the government said it remains focused on job generation programs to help displaced workers find alternative jobs amid the economic downturn. Consumption

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