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Personal remittances exceed 2012 forecast

Published on 16 February 2013
Written by Raadee S. Sausa Reporter [ ]
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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