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Overseas Filipino workers boost Philippine balance of payments | Immigration Matters

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The Philippines balance of payments (BOP) surplus rose by almost a third in the first five months of the year, as more foreign exchange flowed in through loans against domestic currency used to pay the country’s debts.

The country’s BOP from January to May 2010 rose by 27.5 percent to $2.73 billion, $590 million more than the same period last year, the central bank said Thursday.

The BOP represents the total of a country’s international transactions for a certain period, with foreign exchange including incoming foreign loans, remittances, and exports versus debt payments, imports, and other expenditures.

In May, the country booked a surplus of $388 million compared with the $55-million deficit posted the same period a year ago, a strong showing despite Europe’s continued debt woes, according to the central bank. Source:

Money sent home by Overseas Filipino Workers (OFWs) hit $5.87 billion from January to April this year from $5.36 last year because of strong demand for professional and skilled workers abroad GMA News TV.

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