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Remittances soar to $24.3b

By Julito G. Rada | Feb. 16, 2015 at 10:30pm []

Money sent home by Filipinos working overseas reached a record $24.3 billion in 2014, up by 5.8 percent from the 2013 level of $23 billion, Bangko Sentral ng Pilipinas said Monday.

Data showed that cash remittances in December climbed 6.6 percent to an all-time high of $2.3 billion from $2.2 billion a year earlier.

“Cash remittances from land-based and sea-based workers reached $18.7 billion and $5.6 billion, respectively.  The bulk of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Hong Kong and Canada,” Bangko Sentral said.

The bank said including non-cash items, personal remittances grew 6.4 percent to $2.6 billion in December and 6.2 percent to $26.9 billion in 2014.  This exceeded Bangko Sentral’s growth projection of 5 percent growth for the year.

“The robust growth of OF remittances continued to provide support to the country’s economy, with cash remittances accounting for 8.5 percent of gross domestic product in 2014,” Bangko Sentral Governor Amando Tetangco Jr. said.

Strong demand for skilled Filipino manpower contributed to the steady growth of remittances, with data from the Philippine Overseas Employment Administration showing that the number of deployed workers last year reached 1.6 million.

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