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Remittances rose by 8% in January

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Remittances maintained a robust pace of growth in January on the back of improving global economic conditions.

Money sent home by Filipinos working overseas amounted to $1.68 billion in the first month of 2013—up by 8 percent from the $1.56 billion recorded in the same period last year, the Bangko Sentral ng Pilipinas yesterday reported.

“Remittances were sustained on account of steady demand for skilled and professional Filipino workers abroad, as well as the continued expansion of global market coverage of remittance service providers,” the BSP said in a statement.

The United States continued to be the biggest source of remittances, accounting for nearly 39 percent, or $653 million, of the total.

Other sources of remittances were: Canada, which accounted for 11 percent of the total; Saudi Arabia, 7.6 percent; the United Kingdom, 5.3 percent; the United Arab Emirates, 4.7 percent; Singapore, 3.9 percent; and Japan, 3.8 percent.

According to the BSP, remittances will continue to grow this year given the significant number of newly deployed Filipino workers abroad.

Citing data from the Philippine Overseas Employment Administration (POEA), Filipinos deployed for overseas employment last year to        taled 1,800,465—up by 6.7 percent from 1,687,831 the previous year.

In the first two months of the year, Filipinos deployed for jobs abroad reached 29,533. The jobs were mostly in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar and Taiwan.

The BSP projected that remittances in 2013 would grow by 5 percent to $22.46 billion, from last year’s $21.39 billion.

With over 10 million Filipinos based overseas, the Philippines is the now fourth biggest recipient of remittances next to China, India and Mexico.

A closely watched economic indicator, remittances largely fuel household consumption which, in turn, is a key driver of the Philippines’ gross domestic product.

Money sent home by migrant workers helped boosted the country’s foreign exchange reserves, which currently stand at about $84 billion.

Also, the huge inflow of remittances has been cited as a major factor behind the peso’s sharp rise against the US dollar.

Last year, the peso became the second fastest appreciating Asian currency against the greenback, next to the Korean won.


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Tags: Business , money , News , ofws , Remittances

  • disqus_nBEsUalTvo

    Quit having so many kids that you can’t afford and you won’t have to be an OFW.

  • Richie

    I congratulate the resilient, hardworking Philippine OFWS who has contributed immensely to the Philippine economy through their remittences.. I´m from a third world country and know the hardships “that comes with the territory” going abroad to look for work that can not be provided for them in their own native land.I have gone down that route as well. However, it should not be forgotten that the thousands of Expats who live here also contribute to the economy with remitttences that in many cases far surpasses many OFWS..Just my two cents worth!!

  • divictes

    Therefore, it is but fair for our OFWs to get the credit for whatever improvement to our economy. The fruits of their toil are far reaching.

  • kilabot

    then send more servants of the world.
    send them everywhere, to the four corners of the world;
    send them to dangerous places, doesn’t matter;
    as long as remittances increase;
    send them far and away till they snap;
    under the mercies of some cruel master;
    let them saturate the world;
    ofws, contemporary black slaves of the world;
    so politicians just sit and don’t have to worry;
    how to create jobs locally;
    the heroes make their day.



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