Jan.-Sept. OFW remittances grow 7% to $14.75B, says BSP
Overseas Filipinos workers sent home $14.756 billion in January to September this year, up $974 million or 7.1 percent from $13.782 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.
Remittances from land-based Filipino workers grew by 5.3 percent to $11.6 billion in the first nine months and those of sea-based workers 14.1 percent to $3.2 billion, said BSP Governor Amando Tetangco Jr.
"Overseas Filipino remittances continued to be an important contributor in solidifying the country's economic fundamentals amidst the lingering global economic uncertainties, driven by prospects of sustained demand for Filipino workers abroad," Tetangco noted.
The bulk or 85 percent of total remittances in the nine months to September came from the US, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany, and Norway.
In September alone, Tetangco said remittances grew by 8.4 percent to $1.735 billion from $1.6 billion year-on-year. It was the second highest monthly record after the $1.737 billion last June.
Despite the tensions in the Middle East and North African, the disasters in Japan, and the decision of Saudi Arabia to stop the hiring of overseas workers, authorities noted a sustained demand for skilled Filipino workers.
Stable growth outlook
Philippine Overseas Employment Administration (POEA) data showed 40.7 percent or 223,172 jobs processed in the 10 months to October were for Saudi Arabia, United Arab Emirates, Taiwan, Qatar, Kuwait, and Hong Kong.
Also, the number of processed contracts for land-based workers went up by 4.5 percent to 933,579 from 893,220 and those of sea-based workers by 5.5 percent to 316,411 from 300,033.
"The POEA's data on job orders abroad provide support for a stable outlook on the growth of remittances in the last quarter of 2011," Tetangco said.
He cited the growing number of remittance services option offered by banks and financial institutions has encouraged Filipinos abroad and their beneficiaries to use formal channels for fund transfers.
"The wider remittance network of banks and financial institutions has allowed both the remitters and beneficiaries to experience a more diverse and economical set of money transfer channels and services as well as encourage increased use of banking system as remittance conduits," Tetangco said.
Bank branches, correspondent banks, remittance centers, and tie-ups processing remittances grew 6.7 percent to 4,688 as of end-September from 4,392 as of end-September 2010, according to central bank data.
OFW money transfers grew by 8.2 percent to a record $18.76 billion last year from $17.35 billion in 2009. — VS, GMA News
Remittances from land-based Filipino workers grew by 5.3 percent to $11.6 billion in the first nine months and those of sea-based workers 14.1 percent to $3.2 billion, said BSP Governor Amando Tetangco Jr.
"Overseas Filipino remittances continued to be an important contributor in solidifying the country's economic fundamentals amidst the lingering global economic uncertainties, driven by prospects of sustained demand for Filipino workers abroad," Tetangco noted.
The bulk or 85 percent of total remittances in the nine months to September came from the US, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany, and Norway.
In September alone, Tetangco said remittances grew by 8.4 percent to $1.735 billion from $1.6 billion year-on-year. It was the second highest monthly record after the $1.737 billion last June.
Despite the tensions in the Middle East and North African, the disasters in Japan, and the decision of Saudi Arabia to stop the hiring of overseas workers, authorities noted a sustained demand for skilled Filipino workers.
Stable growth outlook
Philippine Overseas Employment Administration (POEA) data showed 40.7 percent or 223,172 jobs processed in the 10 months to October were for Saudi Arabia, United Arab Emirates, Taiwan, Qatar, Kuwait, and Hong Kong.
Also, the number of processed contracts for land-based workers went up by 4.5 percent to 933,579 from 893,220 and those of sea-based workers by 5.5 percent to 316,411 from 300,033.
"The POEA's data on job orders abroad provide support for a stable outlook on the growth of remittances in the last quarter of 2011," Tetangco said.
He cited the growing number of remittance services option offered by banks and financial institutions has encouraged Filipinos abroad and their beneficiaries to use formal channels for fund transfers.
"The wider remittance network of banks and financial institutions has allowed both the remitters and beneficiaries to experience a more diverse and economical set of money transfer channels and services as well as encourage increased use of banking system as remittance conduits," Tetangco said.
Bank branches, correspondent banks, remittance centers, and tie-ups processing remittances grew 6.7 percent to 4,688 as of end-September from 4,392 as of end-September 2010, according to central bank data.
OFW money transfers grew by 8.2 percent to a record $18.76 billion last year from $17.35 billion in 2009. — VS, GMA News
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