REMITTANCES REACH $9.3 BILLION IN MAY
MANILA, JULY 18, 2012 (MANILA TIMES) Written by RAFFY AYENG REPORTER - Personal remittances from overseas Filipino workers (OFWs) reached $9.3 billion in the first five months of the year, showing an increase of 5.5 percent from the same period in 2012, according to the Bangko Sentral ng Pilipinas (BSP).
BSP Governor Amando Tetangco Jr. said that the steady expansion of personal remittances during the five-month period in 2012 was underpinned by the sustained growth in transfers from land-based OFWs with work contracts of one year or more (by 2.7 percent), as well as by sea-based and land-based workers with short-term contracts (by 14.7 percent).
The central bank chief added that for May 2012, personal remittances of OFWs rose year-on-year from 5.2 percent to reach almost $2 billion.
Meanwhile, remittances coursed through banks during the same period amounted to $8.3 billion, higher by 5.3 percent relative to the level registered in the same period a year ago.
Fund transfers from land-based workers increased by 2.8 percent to $6.4 billion, while those from sea-based workers grew by 14.6 percent to $1.9 billion.
Tetangco also noted that major country sources of cash remittances from land-based workers for the first five months of the year were the United States (28.9 percent), Canada (10.1 percent), Saudi Arabia (7.6 percent), the United Arab Emirates (3.9 percent), Japan (3.4 percent), the United Kingdom (3.2 percent) and Singapore (3.1 percent).
The continued stream of remittances emanated from the strong global demand for professional and skilled Filipino workers. Preliminary data obtained from the Philippine Overseas Employment Administration indicated that for the first half of the year, approved job orders reached 395,336, of which 29.1 percent consisted of processed job orders for service, production, professional, technical and related workers.
Furthermore, the bulk of processed job orders were intended for the manpower requirements in Saudi Arabia, United Arab Emirates, Qatar, Kuwait and Taiwan.
Another contributory factor to the favorable trend in remittances is the continued expansion of banks’ remittance network abroad through additional partnerships with foreign banks, money transfer operators and other remittance agents.
Chief News Editor: Sol Jose Vanzi
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