Overseas remittances reach $22.8 Billion
PERSONAL remittances from overseas Filipinos (OFs) $22.8 billion from January to October and according to the Bangko Sentral ng Pilipinas (BSP) this has increased by 3.5%.
BSP Governor Amando Tetangco said personal remittances from land-based workers with work contracts of one year or more rose by 3.9% while those from sea-based and landbased workers with work contracts of less than one year grew by 3%.
He said the cash remittances from OFs coursed through banks amounted to $2.2 billion in October 2015 and cash remittances for the ten- month period totalled $20.6 billion, higher by 3.7% from the same period last year.
Cash remittances from land-based and sea-based workers also grew by 3.9% - $15.8 billion - and 2.9% $4.8 billion - respectively.
The bulk of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Canada, and Hong Kong. Combined remittances from these countries accounted for more than 79% of total cash remittances that were reported by banks.
Tetangco said remittance inflows were supported by the steady deployment of skilled manpower, as well as the continued efforts of banks and non-bank remittance service providers to expand their international and domestic market coverage through tie-ups abroad as well as the introduction of innovations in their remittance products.
He said preliminary reports from the Philippine Overseas Employment Administration showed that for the period January– October, the total job orders reached 717,182. These job orders were intended mainly for service, production, and professional, technical and related workers in Saudi Arabia, Kuwait, Qatar, Taiwan, and Hong Kong.