Philippine Asian News Today Vol 21 No 01 | Page 17

January 1 - 20, 2019
PHILIPPINE ASIAN NEWS TODAY
17
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Remittances up
by 3.1%
PNC
(Philippine
News Canada
/ Balitang
Vancouver)
Money sent home by
Filipinos working overseas
rose 2.8 percent in
November 2018 to $2.32
billion from $2.26 billion
a year earlier, the Bangko
Sentral ng Pilipinas said
Tuesday.
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Endeavor PH aims to drive local
start-up community
Endeavor Philippines, the local
chapter of the global entrepreneurship
network, is planning to drive further the
local start-up community.
Endeavor, a group that mentors
high-impact
entrepreneurs,
has
been operating in the country since
2015. Since it was founded here, 20
entrepreneurs from 16 companies
across various industries have already
become part of the local network.
After joining the Endeavor network,
the entrepreneurs have created over
1,700 jobs, and have increased
their annual revenues by P3.6 billion
leading to over P6.3 billion in revenues
generated as of 2017. “Since we started
in the Philippines in 2015, we have
been steadfast in fulfilling our mission
of creating an economic multiplier
effect by accelerating the growth of
high-impact entrepreneurs. We are
also proud to have a diverse mix of
companies in our network as we have
a range of tech companies and those
that follow traditional brick and mortar
format. This is a testament to how even
traditional businesses are able to prove
their high-impact in today’s tech-driven
society,” said Endeavor Philippines
Managing Director Manny Ayala.
In the Philippines, Endeavor’s
board members include Chairman
Jaime Augusto M. Zobel de Ayala,
Vice Chairman Jasen T. Ko, Cezar P.
Consing, Anton T. Huang, Eugenio L.
Lopez III, Roberto L. Panlilio, Edgar
“Injap” Sia II, Wilfred Steven Uytengsu,
and Julio Sy Jr.
Endeavor Entrepreneurs themselves
have invested in and mentored over 50
local companies, and have taken seats
at several advisory boards of these
businesses. (MBM)
On a cumulative basis,
personal remittances in
January to November
reached $29.1 billion, or
2.9 percent higher than
the level posted a year
ago.
“The
growth
in
personal
remittances
The BSP said in a during the first eleven
statement the November months of 2018 was
figure brought total cash supported by remittance
remittances in the first 11 inflows from land-based
months of 2018 to $26.1 OFs with work contracts
billion, up 3.1 percent from of one year or more as
$25.3 billion registered in well as remittances from
the same period in 2017. sea-based and land-based
OFs with work contracts
Data showed cash of less than one year
remittances from both which increased by 2.8
land-based ($20.5 billion) percent and 4.0 percent,
and sea-based workers respectively,” BSP Deputy
($5.5 billion) recorded Governor Maria Almasara
increments of 2.8 percent Cyd Tuaño-Amador said.
and 4.1 percent for
January to November,
The Bangko Sentral
respectively.
predicted
that
full-
year remittances would
The bulk of cash increase
3
percent
remittances in the 11- in 2018, taking into
month period came from consideration the pace of
the US, Saudi Arabia, the global economic growth.
United Arab Emirates,
Remittances reached
Singapore, Japan, United a record $28.06 billion in
Kingdom, Qatar, Canada, 2017, up 4.3 percent from
Germany, and Hong $26.90 billion in 2016.
Kong.
The
higher
cash
Personal remittances, remittances in 2017 were
which include non-cash supported by the increase
items, also grew 2.4 in transfers from both
percent in November land-based and sea-based
2018 to $2.6 billion. workers. (J. Rada, MS)
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