Remittances soar 12%

Remittances soared 12 percent last year to over $73 million from the previous year’s $65 million, preliminary reports from the Banking and Insurance Division of the Department of Commerce disclosed.

The 12-percent increase was recorded even without the fourth quarter report of two companies, which are still finalizing their statements that are up for submission at the commerce department.

Officials attribute the increase in remittances to the sharp rise of the Philippine peso’s value against the US dollar, which broke the P50-$1 level at the height of the impeachment trial of former President Joseph Estrada in the last quarter of last year.

Nine of the 13 remittance companies listed and authorized by the Department of Commerce primarily cater to members of the Filipino community in the CNMI, who regularly send greenback to families and relatives back home.

Fourth quarter remittances also proved the highest, with remittances totaling $19,641,980. Officials also attribute the increase in the volume of remittance transactions during the last quarter of 2000 to the Christmas season.

The October-December period is a traditionally-busy period for remittance companies that cater to Filipinos, who are known to celebrate the Yuletide with grandiose and festivities.

Also, the Department of Commerce report indicated the emergence of three companies in the total number of remittance firms that provide money transfer activities in the Northern Marianas.

New players in the remittance sector are Thailand Food Store, Winfield Corporation and Uniteller.

Based on the initial report, Pinoy Express (PX-Saipan) Inc. led all remittance returns with $15,559,592. It was followed by PNB Corporation with $13,151,363. Rounding up the top three remittance centers was Far East Financial Company with remittances totaling $11,511,568.

Far East Financial is the only remittance company in the top three that does not serve the Filipino community. Asia Pacific Medical Corporation had zero remittance results from the first quarter to the fourth quarter of the year.

Jesse Palacios of the Banking and Insurance Division of the Department of Commerce also revealed that they have yet to complete tallying the fourth quarter remittance figures of Thailand Food Store and Winfield Corporation.