OFWs sent home record-high P1.86B in May

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Filipino domestic helpers line up to send money at a remittance center in the central district of Hong Kong in this 2008 file photo. Remittances reached a five-month high in May 2013 as overseas Filipino workers continued to send more money home to their families, data from the Bangko Sentral ng Pilipinas showed. AFP/TED ALJIBE

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.

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  • tra6Gpeche

    To think that this is only for five months! Filipinos working abroad are really earning great amount of money. Who would not want to be a Filipino OFW if you have the chance? Unless, of course, if you are a corrupt & immoral politician in the Philippines.

  • neverwint3r

    the ofws are the country’s new heroes and the reason that country stays afloat. yet the government always fails to protect them. in fact they’re even abusing and raping them like in middle east.

  • Carum Al Dumal

    What I would like to see is the rise in the number of returning Pinoys who will be setting up businesses to drive the Philippine Economy forward. Relying on overseas remittances only breeds mendicancy.

  • disqusted0fu

    OFW remittance is one of the main reasons for our country’s economic growth that’s why it doesn’t have effects on employment and poverty rates. And yet many OFWs are getting abused physically and sexually. The Aquino admin better protects our OFWs, otherwise the economic growth will not be sustained since the admin barely has economic reforms.

  • Diablo_III

    Paki edit naman hindi po Peso kund Dollar. Headline pa lang mali na..

  • PinoyDude

    I really hope that the beneficiaries of these funds manage their finances well. Most of them can start a small business to employ our people looking for work.

  • PinoyDude

    I agree with the comments below. Without our migrant workers who remit funds way bigger than most FDIs, it’s unimaginable where our country would be today.

    Thanks to the Filipino taxpayers too who contribute to our national treasury.

    Sa mga EPAL na politico kayo ang malas sa bayan!

  • litenshadow

    Not surprising because of the strong peso.
    Medyo belt tightening din ang OFW kasi kailangan dagdagan ang padala. Hence high remittance figures.
    Umaangat ekonomiya natin, really? Pataas pa rin presyo ng bilihin!

  • carlcid

    The OFW and the Filipino taxpayers are the true heroes of this country. They were the primary reason why the Philippines was given investment grade ratings. The Filipino politicians, on the other hand, are the bane of the land. They are the primary reason why the Philippines has lagged behind its neighbors.

  • Ornbort

    dear EPAL. SILA ang mga bayani, hindi kayo. kahit tabihan nyo sila or mag speech pa kayo na ewan, it’s all about THEM. they are abroad because of YOU but NOT for the positive reason you think.

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