By Eileen A. Mencias

The Bangko Sentral yesterday said remittances will grow 6 percent to 9 percent this year and contribute to a balance of payments surplus of $500 million despite the global downturn.

?We are not totally immune to the downturn. Our estimates on remittances incorporate a lower growth rate to single digits compared to the 15.5 percent growth reported from January to October last year. In 2009, with the downturn, growth will go down to 6 to 9 percent,? Bangko Sentral Gov. Amando Tetangco Jr. told the Rotary Club of Manila.

He said remittances would amount to $1.3 billion to $1.4 billion monthly as the government works on increasing deployment and holding bilateral talks with host countries.

?The feedback is there?s demand and there are new markets like parts of Canada, South Australia and the Middle East,? Tetangco said. ?The total number of Filipinos working abroad will not change much and it will not increase as fast as the previous year?s. We will still see growth although at a lower rate.?

Remittances and receipts from business process outsourcing would ensure the flow of foreign exchange and help the central bank beef up its reserves.

?The 2009 surplus will likely be higher [than 2008?s],? Tetangco told reporters at the sidelines of the meeting.

The central bank estimates the balance of payments last year at $500 million despite the huge outflow of foreign capital in the stock and money markets because of global risk aversion.