Remittances rise on demand for OFWs

Filipino expatriates sent home $1.9B in June, says BSP

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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. AFP/TED ALJIBE

Money sent home by overseas Filipino workers (OFW) continued to grow in June, boosted by sustained demand for skilled labor despite weak economic conditions abroad.

 

The bulk of cash remittances also came from workers working on contracts of at least one year—an indication of the expected sustainability of dollar inflows that support consumer spending in the country.

 

Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances grew by 5.8 percent to $1.916 billion last June, accelerating from the 5.3-percent year-on-year growth rate the month before.

 

Following the trend in previous years, remittances for June were the highest so far for 2013. This brought the January to June total to $10.7 billion, up 5.6 percent from the first half of 2012.

 

“Remittances remained robust partly on the back of continued increase in demand for skilled Filipino labor,” the BSP said in a statement.

 

Citing data from the Philippine Overseas Employment Administration, BSP said workers deployed overseas in 2012 increased by 6.8 percent to 1.802 million from 1.687 million.

 

About 80 percent of these workers were land-based, while the rest were seafarers. Nearly a third or 32 percent were also newly-hired workers.

 

Majority of the new hires were employed as service, production, professional and technical workers in Saudi Arabia, the United Arab Emirates, Singapore, Hong Kong and Qatar.

 

BSP said the continued expansion of money transfer networks worldwide, which allows OFWs to send money efficiently to their families, supported remittances to the country.

 

“The steady stream of remittances also drew continued support from the efficient network of bank and non-bank remittance channels established worldwide and their expanding financial services to cater to the various needs of OFWs,” BSP said.

 

 

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  • noypi_07

    “..remittances of OFW’s are declining over the past years due to huge demand of skilled workers at home….” the kind of news we want to see…indication of PH strong economy, the real deal.

  • neverwint3r

    these ofws are really a huge help to the country and considered heroes for keeping the economy afloat. but why is it when these ofws gets into trouble the government doesnt help them, even takes advantage of them?

    case in point, that just take that sex-for-flight scandal. what is disturbing is that so many militants or women’s group or party-lists representatives in congress that are supposed to represent these ofws are silent on the issue

  • Pork lover boy

    Gandang balita yan hehehe. Malaking possibility tataas uli pork barrel next year budget allocation. Salamat OFW! Mabuhay kayo.

    • Dibs

      na dengguy na! :-)

  • Brody619

    Please treat those OFW well. They brought almost $11 billion into the country within 6 months. A very significant income that improves the lifestyle of the Filipino workers and the society as a whole. It’s high time for Ph domestic industries to contribute their share and for the politicians to provide honest public services that will rival the foreign lifestyle style and living condition that these workers had been exposed during their foreign services.

    Now is the time for the politicians to show tangible rewards to the OFW.

  • txtman

    ________ HAYAN, GROW ULIT _______
    .
    SASABIHIN NA NAMAN NI PENOY
    SIYA DAHILAN KUNG BAKIT NAG-GROGROW PH ECONOMY ULIT
    OO NAMAN CORRUPT YELLOW MEDIA
    HALA SIGE, PAIKOT LANG KAYO KAY PENOY
    BUTI NA LANG
    DAMING POOR NA PINOYS
    NA GUSTO MAGWORK SA ABROAD
    SAME POOR PEOPLE
    NA INAALIPUSTA
    AT GUSTONG MABURA
    NG MGA PRO-RH
    LEAD BY PIA Y LAGMAN DE BABOY
    PWEEEEEEE
    PITIFUL

  • oh_noh

    caption that: ASEAN’s main economic engine in action!!! *sending remittances*

  • pepito gwaps

    Fast aging and less populated countries are in need of more skilled foreign workers and in response to that our govt are willing to allow Filipinos to work abroad. As if the news are saying that the globe needs OFW so they are keep on hiring our OFW. If that is the case there must be a give and take relationship between the govt and with her own people. One is to provide tangible benefits for all the OFW and offer assistance those in need. It would be great if the Dept. of Education would give oppurtunity for the million youths out there to finish their schooling by providing a ” study first and pay later scheme” so that they can work abroad later on too and help the country many times. Now a days we are in the advent of globalization and internet age so we should bear in mind that we can work anywhere in the world without losing contact with our family at home.

    • txtman

      DON’T YOU WORRY
      IF THE PLANS OF PIA Y LAGMAN DE BABOY
      ____ WITH THE HELP OF SIREYNANG SERENO
      MABUBURA NA MGA POOR SA PINAS DAW
      SO WALA NA MAGIGING OFWs
      WALA NG MAGPAPADALA NG PERA SA PINAS
      ____ KASI MGA NAKATIRA NA LANG BY THAT TIME
      ____ EH MGA NAKASUOT NG CONDOMS
      ____ WITH GROUPS OF FAKE, FAKE-FAKE
      IYAN ANG ECONOMICS
      NINA PIA & LAGMAN
      ____ NA NAKATIRA SA MGA MANSIONS
      ____ PAAANO KAYA SILA NAKABILI YAN ANO?
      ____ WITH KUKONTING SWELDO
      I CAN SMELL MABANTOT NA PORKY
      PWEEEEEEEEE
      PITIFUL

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