Latest Stories

Remittances hit all-time high in 2012

Monthly record $1.98B in December brought total inflows to $21.39B


Remittances breached projections and hit an all-time high in 2012 as global demand for Filipino workers remained robust despite the general weakness in the global economy.

Money sent home by overseas-based Filipinos was credited for fueling the consumption of many Filipino households that, in turn, was credited for helping boost economic growth.

Remittances for the whole of 2012 reached a record $21.39 billion, an increase of 6.3 percent from $20.12 billion in 2011.

For the month of December, remittances amounted to $1.98 billion—the highest monthly record—up 9.7 percent from $1.8 billion in the same month of the previous year.

The BSP said the growth in remittances was driven both by money sent by land-based overseas Filipino workers (OFWs) with work contracts of a year or more as well as sea-based workers and land-based workers with short-term contracts.

Remittances last year came mostly from Filipinos in the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates and Singapore.

“The resilience of overseas Filipino remittances continues to support the country’s economic growth and development,” the BSP said in a statement. “Remittances continue to draw strength from the increasing demand for a wider range of skilled Filipino workers abroad, mostly in the Middle East.”

Citing reports from the Philippine Overseas Employment Administration, the BSP said the number of Filipinos whose contracts for work abroad had been processed reached 1.74 million in the first 10 months of 2012, up from 1.6 million in the same period of 2011.

Officials said government efforts to look for alternative markets for Filipino workers helped keep remittances growing even as some labor markets, led by the United States and those from the euro zone, struggled with their economic problems.

Remittances also grew because of the increasing share of professionals in the total number of OFWs.

The BSP said the move of some banks to expand their presence in overseas markets also helped encourage more OFWs to send money to their beneficiaries. Banks were expanding offshore through the establishment of branches and tie-ups with foreign financial institutions.

According to the BSP, remittance centers, correspondent banks and representative offices abroad of Philippine commercial banks increased to 4,750 in 2012 from 4,723 the previous year.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , ofws , Remittances

  • mamamiamia

    Believe it or not mga amiga.! Even me are one of those making remitances and even if our lives in North America are blessed, we are still bonded to our origins.  Our Papas ang Mamangs (bless their souls and miss them so much) thought us to love  our pinangalingan.  Love you Papa and Mama!

  • kalikasanipagtanggol

    Kaya ang gobyerno patuloy na sinusulong ang pagpapaalis ng mga OFWs at isara ang oportunidad locally! Wala na nga naman sila masyado sagutin sa social services, marami pa nagpapadala ng remittances at natutulungan ang ekonomiya na gumanda sa paningin ng mga investors dahil sa buying power ng mga dependents ng mga OFWs!

  • rouelcalzita

    BSP has to look on Banks in the Philippines. Because banks are charging more once the money is received by respective banks in the Philippines.

  • enteng

    “as global demand for cheap labor who can speak the least awkward English”

  • kilabot

    thank you ofws, servants of the world; 
    rest assured, the govt will do everything to perpetuate this lucrative racket; 
    and please, don’t die in your work locations because it’s expensive for govt; 
    hang in there and be patient; endure hardships and dangers; 
    do it for your honorable politicians who need money for their porks and junkets; 
    and remember, yours is not to question why; yours is just to work and die.

  • http://twitter.com/hp2184 RJ Legaspi

    Appreciation of Philippine peso might indeed had an effect on the increase in remittances. However, it could have been because more Filipinos working overseas sending money to the country for further spending and investments.

    I, for instance, had sent twice more than what I used to. I asked my family to invest the extra money on insurances and mutual funds which I just started exactly a year ago. My Filipino friends here abroad are doing the same. I encourage every other OFW to do the same, with every single extra peso we send and invest, it secure not only our family’s future but also of our country.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Saudi Arabia reports 3 more deaths from MERS virus
  • Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  • Why are Americans obsessed with missing plane?
  • Napoles to have surgery on Tuesday – report
  • Mayor’s assassination linked to black sand mining controversy
  • Sports

  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • Marketplace