Tuesday, 17 November 2009

OF Remittances Rise 8.6% in September; First Nine Months Level at US$12.8 Billion

Bangko Sentral
Media Releases

Remittances from overseas Filipinos (OFs) coursed through banks rose significantly to US$1.4 billion in September 2009, posting a year-on-year increment of 8.6 percent, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today. As a result, cumulative remittances for the nine-month period increased by 4.2 percent to reach US$12.8 billion. Remittances from both sea-based and land-based workers expanded during the first three quarters of this year.

Steady remittance flows were shored up by the continued strong global demand for professional and skilled Filipino workers and the wider access of overseas Filipino workers and their beneficiaries to a broader array of financial products and services. These factors support the optimistic outlook for the sustained growth in remittances through the rest of 2009. The deployment of Filipino workers abroad is anticipated to increase given the continuing hiring arrangements between the Philippines with existing and non-traditional labor markets as well as the forthcoming relocation of U.S. military facilities from Japan to Guam over the course of the next five years. The Department of Labor and Employment (DOLE) had earlier reported that a top-level Guam Senate team visited the country in September this year to finalize details on the hiring of Filipino skilled workers beginning July 2010. The Guam delegation indicated their preference for and intent to hire Filipino engineers, architects, professionals and skilled construction workers.

Meanwhile, the Philippine Overseas Employment Administration (POEA) reported that, as of end-October 2009, total job orders processed reached 226,260, representing 43.9 percent of the jobs needed (515,438). About 80 percent of the total job orders processed was for service and production and transport related workers.

In the near term, remittances could rise even further as the series of strong typhoons that hit the country in September and October could have encouraged larger amounts of transfers from relatives based overseas with a view to assisting their families in their rebuilding efforts.

For the period January-September 2009, the major sources of remittances were the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, United Arab Emirates, Italy, and Germany.

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