Quantcast
Latest Stories

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

By

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
Advertisement
Advertisement

News

  • How other faiths observe Holy Week
  • No noise, partying in Boracay on Good Friday
  • More legal woes for Cedric Lee
  • NATO ups military presence amid Russian threat
  • DOH issues official statement on confirmed case of MERS-CoV
  • Sports

  • Tenacious Iran frustrates Qatar to retain Asian Club volleyball crown
  • Floyd Mayweather is ESPN’s top-paid athlete
  • Pistorius trial: Judge sets 2-week adjournment
  • China, Taiwan rout foes for 3rd, 5th places in Asian Club volleyball
  • Ginebra’s new import Freeman arrives, makes PBA return vs ROS
  • Lifestyle

  • Are your favorite malls open this Holy Week break?
  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Entertainment

  • Filipino rock icons to hold silent concert
  • Mommy Dionisia Pacquiao’s greatest hits
  • Deniece Cornejo posts bail—report
  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • Business

  • Russian economy hit by Ukraine turmoil
  • PSEi firms up ahead of Lenten break
  • I-Remit teams up with Lakhoo for remittances from Oman
  • Megawide nets P1.4 B in 2013
  • Longer TRO sought on rate hike
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • Netizens welcome Japan’s visa-free travel plan
  • Visa-free travel by Filipinos to Japan still a proposal
  • Visa-free travel to Japan could boost tourism
  • 2 PCG men ordered arrested over Balintang Channel shooting
  • US Embassy closed on Holy Thursday, Good Friday
  • Marketplace