Overseas Filipino remittances up 6.3% to $21.4B in 2012 — Bangko Sentral

Remittances by overseas Filipinos reached $21.4 billion last year, up 6.3 percent from $20.1 billion in 2011, the Bangko Sentral ng Pilipinas (BSP) reported Friday.

 

The growth in money sent back to the Philippines by Filipinos who live and work overseas topped the  government projection of 5 percent for 2012.

 

"Remittances continue to draw strength from the increasing demand for a wider range of skilled Filipino workers abroad, mostly in the Middle East," BSP Governor Amando Tetangco Jr. noted in a statement.

 

Sea-based workers transferred $4.8 billion, up 11.4 percent, and land-based workers sent $16.6 billion, up 4.9 percent, according to Bangko Sentral data.

 

Major sources of remittances were Filipinos in the United States, which accounted for 42.6 percent, Canada at 9.2 percent,  Saudi Arabia at 8.1 percent, the United Kingdom at 5 percent, Japan at 4.7 percent, UAE at 4.5 percent,and Singapore at 4.1 percent.

 

In December alone, cash remittances grew 9.7 percent to $2 billion from $1.8 billion year-on-year. "The resilience of overseas Filipino remittances continues to support the country's economic growth and development," Tetangco said.

 

The Philippine Overseas Employment Administration noted that 13,485 job orders were approved for January 2013. Those processed were mostly in the service, production and professional, technical and related sectors in response to the requirements in Saudi Arabia, the United Arab Emirates, Taiwan, Qatar and Kuwait. — VS, GMA News