News Update OFW remittances to grow 8% in 2011, says money transfer firm

Remittances by overseas Filipino workers remain resilient despite the global economic slowdown, and Western Union says such money transfers my grow up to 8 percent this year. Such growth is supported by money transfer firm Western Union, which continues to move money from 188 countries to the Philippines. In a statement Tuesday, Western Union said a chunk of the 2011 OFW remittances came from Saudi Arabia, United Arab Emirates, Hong Kong, Qatar, Kuwait, Canada, Singapore, Taiwan, Italy and Bahrain. Bangko Sentral ng Pilipinas data showed that as of October, remittances reached $16.53 billion, up 7 percent from $15.45 billion year-on-year. The World Bank expects OFW remittances to reach $23 billion by year's end, making the Philippines the fourth largest remittance-receiving country after India, China and Mexico. Western Union said that in 2010 it moved $76 billion worth consumer money, including 405 million business payments and 214 million consumer-to-consumer transactions worldwide. Patricia Ringen, senior vice president for Western Union's Pacific and Indochina, said that the company has linked the Philippines with a global distribution network of over 437,000 Western Union locations. “We have designed our business in line with the fast-changing money transfer needs of consumers, thus fulfilling our promise that wherever there is a Filipino, there is a Western Union,” she said. “Western Union’s strategy is to diversify along the core competence of moving money anywhere, any way,” said Ringen. “We are committed to moving money across multiple channels from cash to electronic means, and for individuals and businesses,” she added. — VS,