PHNO-HL: REMITTANCES REACH $9.3 BILLION IN MAY

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
© Copyright, 2012 by PHILIPPINE HEADLINE NEWS ONLINE
All
rights reserved




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