Q1 remittances by overseas Pinoys up 6% to $5.2B – Bangko Sentral

Remittances grew by 6 percent to $5.5 billion in the first quarter from $5.2 billion a year earlier, sustained by demand for skilled Filipino manpower and a wider network of banks and non-banks engaged in money transfers, Bangko Sentral ng Pilipinas reported Thursday.

 

In an e-mailed statement, the central bank said land-based cash remittances were up 4.5 percent to $4.1 billion while money transfers by sea-based Filipinos were up 10.9 percent to $1.4 million in the same comparable period.

 

"Robust cash transfers in the first quarter of 2014 were supported by the sustained demand for skilled Filipino manpower," the statement read.

 

Citing preliminary data from the Philippine Overseas Employment Administration (POEA), the central bank said approved job orders for the period reached 239,022. Of the total, 24.5 percent were processed for service, production, and professional, technical and related workers in Saudi Arabia, the United Arab Emirates, Taiwan, Kuwait, and Qatar.

 

"Likewise, the continued expansion of the network of banks and non-bank service providers and innovations in financial products in the remittance market have facilitated the wider capture of fund transfers through formal channels," it added.

 

Central bank data showed commercial banks’ established tie-ups, remittance centers, correspondent banks and branches/representative offices abroad totaled 4,771 as of end-March from 4,750 a year earlier.

 

The money transfers largely originated from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, and Hong Kong.

 

In March alone, cash remittances grew by 6.5 percent to $1.9 billion from $1.8 billion year-on-year.

 

Bangko Sentral said personal remittances for the period increased by 6.6 percent to $6.1 billion from $5.7 billion.

 

Personal remittances in March rose 6.9 percent to $2.1 billion from $2 billion a year earlier.

 

"The steady increase in personal remittances during the first three months of the year was driven by strong growth in remittance flows from both land-based workers with long-term contracts (4.5 percent) and sea-based and land-based workers with short-term contracts (10.9 percent)," the statement read. – Danessa O. Rivera/VS, GMA News