ASEAN KEY DESTINATIONS
Philippines overseas remittances increase
Money sent home by Filipinos working abroad remain robust, growing by double-digits for the time this year despite lingering global uncertainties, the Bangko Sentral ng Pilipinas said on Monday.
In a statement, the BSP said remittances coursed through banks grew 11.1 percent to reach $1.7 billion in August compared with $1.5 billion in the same period last year. The August inflows brought the eight-month tally up 6.9 percent to $13 billion, with cash transfers from land- and sea-based workers growing by five and 14.4 percent, respectively. The BSP forecast remittances to grow 7 percent this year.
The top 10 sources of remittances include economically troubled nations such as the US, Japan and Italy, as well as Canada, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Germany and Norway. Combined flows from these countries represented 84.9 percent of total remittances reported by banks, the BSP said.
Central bank Governor Amando Tetangco Jr said that stable employment prospects for OFWs were indicated in data obtained from the Philippine Overseas Employment Administration. From January 1 to September 30, the number of processed job orders totaled 193,176, reflecting an 8.6 percent increment over the 177,936 in the same period last year.
The processed job orders were for employment opportunities in Saudi Arabia, UAE, Taiwan, Qatar, Kuwait, and Hong Kong, among others.
“Partnerships have been strengthened with correspondent banks and with other remittance companies abroad. Going forward, the remittance outlook for the remaining months of the year remains favorable as government redeployment strategies are in place to help Filipino workers affected by the social unrest in the Middle East and North Africa region,” the governor said.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below