Remittances from overseas Filipinos workers (OFWs) for the first quarter of 2010 grew by seven percent from $4.06 billion in the same period last year due to the increase in demand for Filipinos to work abroad.
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced that the money remitted by migrant Filipinos for March reach US$1.6 billion, the second highest ever monthly remittance level recorded by the BSP After the $1.567 billion posted in December 2009. This favorable outcome brought total remittances for the first three months of the year to US$4.3 billion, he added.
“The steady remittance flows continued to be propelled mainly by sustained strong demand for Filipino skills and expertise as well as the expanded access to enhanced banking services by overseas Filipinos and their beneficiaries”, Gov. Tetangco said in a statement.
Data obtained from the Philippine Overseas Employment Administration (POEA) indicated that the approved job orders for the first quarter of the year aggregated 155,334. Of this total, 45,393, or 29.2 percent, consisted of processed job orders which comprised largely of service, professional, technical, and production and related workers intending to take up employment in Saudi Arabia, United Arab Emirates, Taiwan, Qatar, Kuwait, and Hong Kong.
Meanwhile, Gov. Tentangco also shared that the continued expansion of bank and non-bank service providers in their international and domestic market coverage to capture a larger share of the global remittance market has also helped to sustain the inflow of remittances.
For the period January-March 2010, the bulk of the total remittances reported by local banks (about 81 percent) were sourced mainly from the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, Italy, and United Arab Emirates.
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced that the money remitted by migrant Filipinos for March reach US$1.6 billion, the second highest ever monthly remittance level recorded by the BSP After the $1.567 billion posted in December 2009. This favorable outcome brought total remittances for the first three months of the year to US$4.3 billion, he added.
“The steady remittance flows continued to be propelled mainly by sustained strong demand for Filipino skills and expertise as well as the expanded access to enhanced banking services by overseas Filipinos and their beneficiaries”, Gov. Tetangco said in a statement.
Data obtained from the Philippine Overseas Employment Administration (POEA) indicated that the approved job orders for the first quarter of the year aggregated 155,334. Of this total, 45,393, or 29.2 percent, consisted of processed job orders which comprised largely of service, professional, technical, and production and related workers intending to take up employment in Saudi Arabia, United Arab Emirates, Taiwan, Qatar, Kuwait, and Hong Kong.
Meanwhile, Gov. Tentangco also shared that the continued expansion of bank and non-bank service providers in their international and domestic market coverage to capture a larger share of the global remittance market has also helped to sustain the inflow of remittances.
For the period January-March 2010, the bulk of the total remittances reported by local banks (about 81 percent) were sourced mainly from the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, Italy, and United Arab Emirates.
Trabaho.com thanks its following sources:
Bangko Sentral ng Pilipinas Media Release. First Quarter 2010 OF Remittances Rise to US$4.3 Billion (Posted May 17, 2010) Retrieved May 18, 2010 from
http://www.bsp.gov.ph/publications/media.asp?id=2333
GMA News.tv. Q1 OFW remittances total $4B – BSP (Posted May 17, 2010) Retrieved May 18, 2010 from
http://www.gmanews.tv/story/191156/q1-ofw-remittances-total-4b-bsp
Remo, Michelle, Philippine Daily Inquirer. OFW remittances rose to $1.6B in March (Posted May 17, 2010) Retrieved May 18, 2010 from
http://business.inquirer.net/money/topstories/view/20100517-270581/OFW-remittances-rose-to-16B-in-March
Agcaoili, Lawrence, The Philippine Star. OFW remittances up 7% to $4.34 billion in first quarter (Posted May 18, 2010) Retrieved May 18, 2010 from
http://www.philstar.com/Article.aspx?articleId=576061&publicationSubCategoryId=66
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