Published on 16 February 2013
Written by Raadee S. Sausa Reporter [
manilatimes.net ]
Personal
remittances from overseas Filipino workers (OFWs) reached $2.2 billion in
December 2012, representing an increase of 9.7 percent year-on-year, Bangko
Sentral ng Pilipinas (BSP) Gov. Amando Tetangco Jr. announced on Friday.
This brought
cumulative cash transfers to $23.8 billion for the full year of 2012, higher by
6.4 percent than the level posted in the same period last year.
“This has
already surpassed the BSP’s projection of 5-percent growth in cash remittances
from overseas Filipinos coursed through banks reached $21.4 billion, posting an
annual growth of 6.3 percent for the full year 2012,” he said.
Remittances
of land-based workers grew by 4.9 percent and 11.4 percent for sea-based
workers, Tetangco said.
“Primary
sources of remittances were the US [42.6 percent of total cash remittances],
Canada [9.2 percent], Saudi Arabia [8.1 percent], the United Kingdom [5
percent], Japan [4.7 percent], the United Arab Emirates [4.5 percent] and
Singapore [4.1 percent],” he added.
The
resilience of OFWs remittances continues to support the country’s economic
growth and development. In 2012, cash remittances from OFWs coursed through
banks represented about 6.5 percent of the country’s gross national income and
8.5 percent of gross domestic product.
Remittances
remained strong from the increasing demand for skilled and professional
Filipinos abroad, along with innovations in remittance services offered by
banks and financial institutions.
Preliminary
reports from the Philippine Overseas Employment Administration indicated that
13,485 of the total approved job orders in January 2013, and 1.7 million for
the first 10 months of 2012, were processed during the period, higher by 8.6
percent than the level recorded in the previous period.
The BSP said
that processed job orders were intended mainly for manpower demand for overseas
Filipinos in the fields of service, production, and professional, technical and
related workers, in countries in the Middle East region, particularly Saudi
Arabia, the United Arab Emirates, Taiwan, Qatar and Kuwait.
The sustained
demand for overseas Filipino manpower provides support for a continuing
favorable outlook for remittances.
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