Remittances up 5.4% to $1.81B in July
Remittances rose again in July as global demand for Filipino workers remained strong despite the economic and political problems in key labor markets.
The Bangko Sentral ng Pilipinas on Monday reported that cash sent by Filipinos overseas amounted to $1.81 billion in July, up 5.4 percent from $1.72 billion in the same month last year.
This brought remittances for the first seven months to $11.94 billion, 5.2 percent higher than the $11.35 billion in the same period a year ago, documents from the BSP showed.
“Notwithstanding the weak global economic conditions particularly in the eurozone and the geopolitical tensions in some parts of the Middle East, remittances remained resilient on the back of sustained demand for skilled Filipino workers overseas,” the BSP said in a statement.
BSP Governor Amando Tetangco Jr. said the continually growing remittances were expected to help boost the overall dollar inflow this year.
The BSP reported that total personal remittances, which include cash and kind, reached $2 billion in July, up 5.4 percent from $1.91 billion in the same month last year.
Total personal remittances for the first seven months hit $13.28 billion, up 5.3 percent from $12.61 billion in the same period last year.
Remittances for the first seven months came mostly from the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates and Singapore.
The BSP said it expected remittances over the short to medium term to remain strong given the significant number of Filipino workers who were recently deployed for overseas jobs.
Citing data from the Philippine Overseas Employment Administration (POEA), the central bank reported that approved job orders for Filipino workers who applied for work abroad totaled 527,370 from January to August. The job orders were wide-ranging, covering services, professional, technical and production workers. The orders were from employers in Saudi Arabia, United Arab Emirates, Qatar, Kuwait and Taiwan.
Remittances are a closely watched economic indicator because these largely fuel consumption of Filipino households.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.