BSP Sees Current Transfers Rising to $18.3B Next Year

Manila Bulletin, November 28, 2010 | Go to article overview

BSP Sees Current Transfers Rising to $18.3B Next Year


MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) expects the country's current transfers to grow by eight percent in 2011 to $18.3 billion from an estimated $17.1 billion this year.Current transfers, as defined by the BSP, were receipts or provisions in cash or in kind for nothing in return. This money or cash was considered current if intended for consumption by the recipient.Remittances sent by overseas Filipinos make up the bulk of current transfers. A smaller amount came from donations for relief efforts, gifts, contributions and fees made by member governments to international organizations.As of the end of the first semester, current transfers totaled $8.3 billion, of which $7.9 billion were remittances from non-resident OFWs.As for services and income accounts, also part of current account position, the BSP projects these accounts to remain in surpluses of $3.4 billion and $1.7 billion in 2011, respectively, from $2 billion and $1.6 billion estimated for this year.As of end June, services account was a surplus of $1 billion but income accounts was a deficit of $200 million. Services account covers transactions in transportation, communication and travel while income were payments for the use of labor and financial resources. …

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BSP Sees Current Transfers Rising to $18.3B Next Year
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