Philippine c bank sees remittances up 4 pct in 2009

MANILA, Oct 14 - Remittances from Filipinos working overseas should grow 4 percent this year from last year's record $16.4 billion, Philippine central bank Governor Amando Tetangco said on Wednesday.

Tetangco has previously forecast the growth at a maximum of 3 percent. In 2010, remittances would grow 6 percent over 2009, he told reporters.

He said also that gross international reserves could reach a record $42-43 billion by the end of the year, and $47 billion by the end of 2010. The current account surplus should reach $6 billion in 2009 and $4.5 billion next year, he said.

Tetangco also said monetary policy would remain supportive of growth despite a possible slight uptick in prices after two typhoons since late last month.

"There's enough headroom in case there will be an uptick in the inflation rate," he said. "The favourable inflation outlook gives us room to maintain the stance of monetary policy for now."