Latest Stories

OFW remittances up 6.6% in July to P1.93B, says BSP


Money sent home by overseas Filipino workers (OFW) continues to rise amid the steady demand for Filipino labor across the world, despite weak global economic conditions.

Cash remittances that entered the country through formal channels reached P1.927 billion in July, up 6.6 percent from the level in same month last year. This was also the highest in a single month this year, while the growth was the fastest recorded since January.

“The steady deployment of OFWs remained the key driver of the growth in remittance flows,” the Bangko Sentral ng Pilipinas (BSP), which tracks the data, said in a statement.

Remittances in July brought the year to date total to $12.627 billion, up by 5.8 percent from year-ago level.

The BSP said preliminary data from the Philippine Overseas Employment Administration (POEA) showed that job orders since the start of the year reached 495,304. About 37 percent were for posts in companies in the services, production and technical industries.

The job orders were mainly for manpower requirements in Middle Eastern countries including Saudi Arabia, the United Arab Emirates (UAE) and Kuwait.

The United States remained the main source of remittances, followed by Saudi Arabia, the United Kingdom, the UAE, Singapore, Canada and Japan.

Three out of four OFWs were also employed under contracts at least a year long—a measure of the sustainability of remittances.

Remittances are a major supporter of domestic spending, which made up at least 70 percent of the country’s gross domestic product, the BSP said. The Philippine economy expanded by 7.6 percent in the first half of the year, making the country Southeast Asia’s fastest-growing market.

The BSP also attributed the rise in remittances to the increasing efficiency of formal payment channels.

“Efforts of bank and nonbank remittances service providers to expand their international and domestic market coverage and to introduce innovations in their remittance products continue to provide support for the sustained flow of remittances into the country,” the BSP said.

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 , ofws , Remittances

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


  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace