Quantcast
Latest Stories

February remittances up 5.8% at $1.59B

Continued rise seen as more Filipinos get jobs abroad

By

Filipino domestic helpers line up to send money at a remittance center in the central district of Hong Kong in this file photo. Remittances sent home by overseas Filipino workers grew 5.8 percent in February 2012 as global demand for Filipino workers remained robust, the Bangko Sentral ng Pilipinas said Monday, April 16, 2012. They sent back $1.59 billion during the month, while the total for the first two months of the year reached $3.14 billion, up 5.6 percent from $2.98 billion in the same period last year. AFP PHOTO/TED ALJIBE

Remittances grew at a slightly faster pace in February as global demand for Filipino workers remained robust, the Bangko Sentral ng Pilipinas reported Monday.

Money sent home by Filipinos based offshore amounted to $1.59 billion in February, up 5.8 percent from $1.5 billion in the same month last year, documents from the BSP showed.

The year-on-year increase in remittances in February accelerated from the 5.4 percent recorded in January.

Remittances in February brought the total for the first two months of the year to $3.14 billion, up 5.6 percent from $2.98 billion in the same period last year.

“The continued inflow of remittances is supported by the sustained demand for Filipino manpower in various foreign labor markets,” BSP Governor Amando Tetangco Jr. said in a statement.

The BSP said the top 10 sources of remittances for February were the United States, Canada, Saudi Arabia, Japan, the United Kingdom, Singapore, the United Arab Emirates, Italy, Germany and Hong Kong.

Citing data from the Philippine Overseas Employment Administration (POEA), job orders for Filipino professional, technical, service and production workers reached 200,010 in the first quarter of this year, up year on year by 24.6 percent.

The job orders came from employers mostly from Saudi Arabia, the UAE, Qatar, Taiwan, Kuwait, Singapore and Hong Kong.

Tetangco said the job orders in the first quarter indicated that remittances in the months ahead could further increase.

The move of the POEA to lift the deployment ban to Nigeria, Libya and South Sudan is also expected to boost total deployment, thus supporting a further increase in remittances in the future.

The POEA said the lifting of the ban was made following an assessment that security conditions in those countries have already improved significantly.

Meantime, the BSP said the move of banks to further expand their presence in countries where there are many Filipino workers also aided in the continued growth in remittances.

The central bank said the increase in the number of remittance centers catering to the needs of Filipino workers encouraged them to send more money to their beneficiaries in the Philippines.


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: overseas Filipino workers , Philippines , 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

  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Man found dead in Quezon City, alleged victim of summary execution–report
  • Aquino to lead Air Force turnover rites
  • 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

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • 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
  • HK victims to get P115M; traders raised money
  • Marketplace