OFW remittances hit all-time monthly record in October

Money sent home by Filipinos working abroad rose to a monthly record of $1.5 billion in October, buoyed by the seasonal pick-up in remittances that paid for beneficiaries’ tuition in the second semester. October’s 6.7 percent growth in dollar remittances brought the 10-month level to $14.3 billion, a yearly growth of 4.5 percent, the Bangko Sentral ng Pilipinas said on Tuesday. "Higher transfers of funds were made by both land- and sea-based workers," the central bank said in a statement. It added that the continued deployment of Filipino workers abroad, particularly skilled and highly paid workers, has supported the steady flow of remittances during the 10-month period. Migrant Filipinos sent more money to their families here whose properties got damaged by flooding brought by typhoons Ondoy and Pepeng, the central bank said. For January to October, major remittance sources were the US, Canada, Saudi Arabia, Britain, Japan, Singapore, the United Arab Emirates, Italy and Germany. "The country's long-term deployment outlook has remained favorable in Middle Eastern countries, specifically in Saudi Arabia's construction and health sectors," it said. The Labor department has also adopted measures to help Filipino workers overseas who may lose their jobs as a result of Dubai's financial crisis. These Filipinos may find alternative work in Qatar, Oman and other areas in the United Arab Emirates, it added. — NPA, GMANews.TV