OFWs sent home record-high P1.86B in May
MANILA, Philippines—Cash remittances reached a five-month high in May as overseas Filipino workers (OFWs) continued to send more money home to their families, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The BSP on Monday said cash remittances reached P1.867 billion in May, up 5.3 percent over the same month last year. This was the highest level since December 2012 when OFWs sent home $1.975 billion in cash to the Philippines.
The increase in remittances in May was in line with the government’s full-year growth forecast of 5 percent. Remittances are the economy’s largest source of foreign exchange income which, apart from fueling domestic demand, ensure the country has enough dollars to cover import needs.
Personal remittances, which include gifts and other products sent home, rose to $2.07 billion, up 6.2 percent from last year.
“Remittances remained robust due to sustained strong demand for skilled Filipino manpower overseas,” BSP Governor Amando M. Tetangco Jr. said in a statement.
The BSP cited the latest reports from the Philippine Overseas Employment Administration, which showed that one-third of the 431,394 approved job orders since the start of the year had already been processed.
These processed job orders for services, production, professional, technical and related workers were mainly intended for the manpower requirements of Saudi Arabia, the United Arab Emirates, Kuwait, Hong Kong and Qatar.
Tetangco also cited efforts of banks and nonbank remittance service providers to expand their international and domestic market coverage, which has supported the growth of inflows.
Remittances in May brought the five-month total to P8.78 billion, or a growth of 5.6 percent over the same period last year.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
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