Thursday, 16 December 2010

Remittances highest at $15.45B in Oct.

J. Vallecera
Business Mirror
http://www.businessmirror.com.ph/home/top-news/5005-remittances-highest-at-1545b-in-oct


THE remittances of overseas Filipino workers pushed to its highest level this year, totaling $15.45 billion at end-October, or $1.67 billion higher than in September.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. traced the higher remittance level to the steady stream of remittance flows from both sea-based and land-based workers that allowed the 10-month remittances to post a 7.7-percent growth year-on-year.

“The sustained remittance flows into the country were due to the sustained robust demand for skilled and professional Filipinos. This, combined with the increasing presence of bank and nonbank money-transfer conduits both locally and internationally, as well as the expanding range of products and services offered by financial intermediaries to overseas Filipinos and their beneficiaries, contributed to the strong inflow of remittances,” Tetangco said in a statement.

He also traced a part of the improvement to “the continuing efforts to improve on the variety and coverage of the global remittance networks that have enabled more overseas Filipinos to send remittances using more innovative financial services offered in the market.”

Tetangco cited preliminary data obtained from the Philippine Overseas Employment Administration indicating that for January-November 2010, approved job orders stood at 578,535, about four-tenths or 39.2 percent of which were comprised of processed job orders for service, production as well as professional, technical and related workers.

The bulk of the approved job orders were mainly for jobsites in Saudi Arabia, United Arab Emirates, Kuwait, Hong Kong and Taiwan.

According to Tetangco, the bulk of remittances came from the US, Canada, Saudi Arabia, Japan, UK, United Arab Emirates, Singapore, Italy, Germany and Norway.

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