Latest Stories

Remittances rose by 8% in January


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.

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 , 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.

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


  • UN heads say Syria aid needs ‘largely unanswered’
  • Captain who left doomed ferry had 40 years at sea
  • UK woman held for murder after children’s bodies found
  • Washington calls S. Sudan violence an ‘abomination’
  • Abducted soldier freed in Compostela Valley
  • Sports

  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • UST posts twin kill in Filoil pre-season cup opening day
  • Wizards beat Bulls in OT to take 2-0 series lead
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Summer movie preview: Bay reboots ‘Transformers’
  • Business

  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • $103M Vista Land bonds tendered for redemption
  • Oil slips to $102 as US crude supplies seen rising
  • SC stops Meralco power rate hike anew
  • Technology

  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Brazil passes trailblazing Internet privacy law
  • New York police Twitter campaign backfires badly
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • Hong Kong accepts PH apology; sanctions also lifted
  • China won’t budge, wants PH gov’t to apologize to HK
  • Cha cha train to follow Obama visit?
  • No word yet on inking of US-PH defense pact during Obama visit
  • Filipina, 51, shot dead by 24-year-old American boyfriend
  • Marketplace