Personal remittances climbs to US$22.8 billion in October

MANILA, 17 Dec. (PIA)--Personal remittances from overseas Filipinos (OFs) reached US$2.5 billion in October 2015, bringing cumulative remittances for the period January–October 2015 to US$22.8 billion.

On a year-to-date basis, personal remittances increased by 3.5 percent, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced Tuesday.

Personal remittances from land-based workers with work contracts of one year or more rose by 3.9 percent while those from sea-based and land-based workers with work contracts of less than one year grew by 3 percent.

Meanwhile, cash remittances from OFs coursed through banks amounted to US$2.2 billion in October 2015. On a cumulative basis, cash remittances for the ten-month period totaled US$20.6 billion, higher by 3.7 percent than the level registered in the same period last year.

Cash remittances from land-based and sea-based workers grew by 3.9 percent (to US$15.8 billion) and 2.9 percent (to US$4.8 billion), respectively.

The bulk of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Canada, and Hong Kong.

Combined remittances from these countries accounted for more than 79 percent of total cash remittances that were reported by banks.

Remittance inflows were supported by the steady deployment of skilled manpower, as well as the continued efforts of banks and non-bank remittance service providers to expand their international and domestic market coverage through tie-ups abroad as well as the introduction of innovations in their remittance products.

Preliminary reports from the Philippine Overseas Employment Administration (POEA) indicated that for the period January–October 2015, total job orders reached 717,182, of which 44.1 percent have been processed.

These job orders were intended mainly for service, production, and professional, technical and related workers in Saudi Arabia, Kuwait, Qatar, Taiwan, and Hong Kong. (BSP/RJB/SDL/PIA-NCR)


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