Tuesday, 27 July 2010

OF Remittances in May Reach the Highest Level at US$1.6 Billion

Bangko Sentral
Media Releases

Remittances from overseas Filipinos (OFs) coursed through banks grew year-on-year by 6.5 percent in May 2010 to reach US$1.6 billion, the highest monthly remittance level recorded by the Bangko Sentral ng Pilipinas (BSP). As a result, cumulative remittances for the first five months of the year amounted to US$7.4 billion, higher by 6.6 percent relative to the level registered in the same period a year ago, BSP Governor Amando M. Tetangco, Jr. announced today. Increased remittances were noted from both sea-based and land-based workers (expanding by 8.8 percent and 6.0 percent, respectively).

The steady stream of remittances continued to emanate from the stable demand for professional and skilled Filipino workers worldwide as well as the wider access of overseas Filipinos and their beneficiaries to a broader array of products and services offered by banks to cater to the various needs of their clients, including facilities for payment of utility bills and food delivery from selected food chain stores with established tie-ups. These are the key factors that support the optimistic outlook for sustained remittance flows through the rest of 2010.

Preliminary data obtained from the Philippine Overseas Employment Administration (POEA) indicated that for the first half of the year, approved job orders aggregated 302,844, of which about 35 percent consisted of processed job orders for service, professional, technical, and production and related workers. The bulk of these processed job orders were intended for the manpower requirements of Saudi Arabia, United Arab Emirates and Taiwan. Apart from these prospective employment opportunities, the POEA also reported the deployment in May this year of 119 selected health workers comprising the second batch of nurses and caregivers under the Japan-Philippines Economic Partnership Agreement (JPEPA) which was implemented in 2009.

The main country sources of remittances were the U.S., Canada, Saudi Arabia, Japan, the U.K., Singapore, United Arab Emirates, and Italy. The combined flows from these countries represented 81.5 percent of the total remittances reported by the banks.

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