Page 4 - Hello Philippines January 2016 'B' issue

4 www.hello-philippines.com BUSINESS & FINANCE January 2016 / Fortnightly – No. 2 • UK & Europe Edition
Personal remittances sustain growth in November
2015; year-to-date level reaches US$25.2B
MANILA - Personal remittances
from overseas Filipinos (OFs) reached Cash remittances from land-based Overseas Fililpino Workers queue up at the NAIA Immigration section in this January 2016 file photo. Steady between Filipinos who have migrated
US$2.4 billion in November 2015, and sea-based workers stood at US$17.6 remittance flows from overseas Filipinos boosted the January-November 2015. Interaksyon.com file abroad and their families in the
representing a year-on-year growth billion and US$5.2 billion, respectively. Philippines), and capital transfers
of 3 percent. On a cumulative basis, The bulk of cash remittances came non-bank remittance service providers net compensation of employees (i.e., between households (i.e., the provision
personal remittances from January to from the United States, Saudi Arabia, in foreign countries through tie-ups of resources for capital purposes,
November 2015 rose by 3.4 percent the United Arab Emirates, Singapore, and remittance centers, as well as the gross earnings of overseas Filipino such as for construction of residential
to US$25.2 billion, Bangko Sentral the United Kingdom, Japan, Canada, introduction of innovations in their houses, between resident and non-
ng Pilipinas Governor Amando M. and Hong Kong, the aggregate remittance products, provided support (OF) workers with work contracts resident households without anything
Tetangco, Jr. said Friday. remittances of which accounted for to the steady stream of remittance of economic value being supplied in
79 percent of total cash remittances inflows during the period. of less than one year, including all return).
The steady growth in personal reported by banks.
remittances was supported by the The BSP started to release data on sea-based workers, less taxes, social Presentation of the remittance data
sustained remittance flows from land- The continued deployment of skilled personal remittances in June 2012. As by source is limited by the common
based workers with work contracts of OF workers remained a key driver defined in the Balance of Payments contributions, and transportation practice of remittance centers abroad
one year or more (up by 4 percent); of the growth in remittance inflows. Manual, 6th Edition (BPM6), personal to course remittances through
and from sea-based and land-based Preliminary data from the Philippine remittances represent the sum of and travel expenditures in their host correspondent banks, mostly located
workers with work contracts of less Overseas Employment Administration in the US. The remittances coursed
than one year (up by 2.5 percent). (POEA) showed that for the period countries), personal transfers (i.e., all through money couriers cannot also be
January–November 2015, total job disaggregated by actual country source
Cash remittances from OFs coursed orders reached 771,635, of which 44 current transfers in cash or in kind and are lodged under the country
through banks also grew by 3.2 percent have been processed. These where the main offices are located,
percent year-on-year to US$2.2 billion job orders were intended mainly for by OF workers with work contracts which, in many cases, is in the US.
in November 2015. service, production, and professional, This explains why the US shows up as
technical and related workers in Saudi of one year or more as well as other the major source of OF remittances, as
For the first 11 months of 2015, cash Arabia, Kuwait, Qatar, Taiwan, and banks attribute the origin of funds to
remittances reached US$22.8 billion, Hong Kong. household-to-household transfers the most immediate source. n InterAksyon.
3.6 percent higher than the US$22
billion of the same period in 2014. Likewise, the presence of banks and com / January 15, 2016 / 5:40 pm

Foreign portfolio investments post net outflows for 2015 - BSP
MANILA - Foreign portfolio with higher investments in PSE-listed million from PSE-listed securities, US$78 receiving 79.7 percent of total.

investment recorded net outflows of shares due to: (i) a top-up offering of a million from Peso GS, and less than US$1 Registration of inward foreign

US$600 million in 2015, almost twice property corporation’s shares; and (ii) million from Peso TD. investments with the Bangko Sentral ng

the US$310 million figure recorded sale of a universal bank’s and holding Registered portfolio investments Pilipinas (BSP) is voluntary under the

a year earlier, the central bank said firms’ shares. were mostly in PSE-listed securities (77.5 liberalized rules on foreign exchange

Thursday. Outflows of US$20.5 billion were percent) and Peso GS (21.7 percent). transactions. The issuance of a BSP

While net cumulative inflows likewise lower compared to US$22.1 Transactions resulted in net outflows registration document entitles the

reached US$1.8 billion in the first two billion a year ago when investors reacted for PSE-listed securities (US$650 million) investor or his representative to buy

months of 2015, these inflows were fully US$21.8 billion level the previous year. to the tapering of the quantitative easing and other peso debt instruments (US$40 foreign exchange from authorized agent

offset by net outflows in the succeeding On a monthly basis, inflows ranged program of the United States. The bulk million), while net inflows were realized banks and/or their subsidiary/affiliate

months (except for the small net inflow from US$1.1 billion (November) to US$2.5 (US$18.6 billion or 90.5 percent of total) for other instruments (Peso TD – US$52 foreign exchange corporations for

of US$28 million in October), due billion (February). The highest inflows of outflows represented withdrawals million; Peso GS – US$25 million; and unit repatriation of capital and remittance of

mainly to profit taking in the local were recorded during the first quarter from interim Peso deposits, which were investment trust funds – US$13 million). earnings that accrue on the registered

stock market, as well as concerns on of the year (aggregate of US$6.8 billion for the following: The United Kingdom, the United investment. Without such registration,

the then-imminent interest rates lift- or 34.3 percent of total for the year), (a) capital repatriation – US$14.7 States, Singapore, Luxembourg, and the foreign investor can still repatriate

off in the United States and slowdown which may be attributed to investor billion from PSE-listed securities, US$3.4 Hong Kong were the top five investor capital and remit earnings on his

of the Chinese economy. optimism arising from full-year (2014) billion from Peso government securities countries during the year, with investment but the foreign exchange

Registered foreign portfolio positive corporate earnings and upgraded (GS), and US$51 million from Peso time combined share to total of 79.6 percent, will have to be sourced outside the

investments for 2015 aggregated US$19.9 growth outlook for the country by the deposits (TD); and while the United States continued to banking system. n InterAksyon.com / January

billion or 8.6 percent lower than the International Monetary Fund, coupled (b) remittance of earnings – US$395 be the main destination of outflows, 14, 2016 / 7:04 pm

PhilJets places new chopper order with Airbus as it expands ‘helitours’ business
MANILA - The PhilJets Group,
which operates helicopter tours to and This latest order for one additional be fully supported by one of the most $20 million of air assets. passengers. Its fleet include new Airbus
around different destinations in the Airbus Helicopters H130 will help the efficient, reliable and versatile aircraft Yves Poesy, managing director of Helicopters AS350B2 and H130.
Philippines, has placed an order for company’s expansion plans, Thierry on the market,” Tea added.
a brand-new helicopter with Airbus Tea, chief executive of PhilJets Group Airbus Helicopters in the Philippines, The PhilJets Group includes PhilJets
Helicopters Southeast Asia scheduled said. PhilJets Aero Charter Corp, the described the H130 as a “highly Aero Services Inc. and PhilJets Aero
for delivery in June this year. group’s air transport subsidiary, will versatile helicopter which will provide a Charter Corp, leaders in the Philippine
“As a fast-growing aviation start-up, operate this aircraft. It will offer to cost-efficient solution to meet the needs business aviation industry providing
our ambitious growth strategy needs to PhilJets’ charter subsidiary some of this country, from infrastructural services in the Philippines and within
increased capacity especially in development, passenger transport to the Asia Pacific Region. Its range of
Airbus website, file photo. The Airbus Helicopters Southeast Asia has scheduled delivery of an Airbus catering to corporate clients, and high- helitourism.” activities include General Aviation
Helicopter H130 to the PhilJets Group by June 2016. end tourists as well as an efficient Services, Ground Handling, Aircraft
support for specific aerial works PhiJets earlier teamed up with Management, Aircrafts Sales, Spare
(medical evacuation, cargo-sling GrabTaxi to offer an air taxi service Parts Sales, Maintenance Services,
transportation for mining, construction before end-2016 in a bid to provide an Technical Support, Manpower &
of roads, power lines and telecom alternative solution to the heavy traffic Outsourcing, Representation, Charter
towers inspection and maintenance). in Metro Manila. Flights, Helicopter Tours, and Aerial
Work.
With the June delivery, PhilJets PhilJets operates helicopter tours
Group will now operate a fleet of five to and around such destinations PhilJets’ customers include
H130’s, one AS350B2; and will add one as Tagaytay and Taal Lake, Mount General and Business Aviation firms,
more pre-owned B4 to its fleet to count Pinatubo, Palawan, Boracay, commercial airlines, MRO companies,
eight aircraft within 2016. Corregidor, Manila Bay, Banaue and government agencies, tourists and
Sagada, as well as Bohol and Davao. private individuals. n Daryl Gutierrez /
The growing Filipino group sees
itself managing and operating about PhilJets flew around 22 hours a InterAksyon.com / January 14, 2016 / 7:45 pm
month, and transported over 1,500