Filipino sailors on foreign ocean-going vessels wired home a total of $888.949 million in the first quarter of 2010, up 11.04 percent or $88.414 million from the $800.535 million they remitted over the same three-month period in 2009.
In a press release, Trade Union Congress of the Philippines (TUCP) Secretary-General and former Senator Ernesto Herrera said the 11.04 percent growth in the Filipino sailor remittance was nearly double the 5.96 percent increase in the cash remitted by land-based migrant Filipino workers in the first quarter.
“We remain bullish overall about the potential growth in remittances from Filipino sailors in the months ahead,” said SecGen Herrera.
However, he is worried about Greece’s lingering debt crisis, which could depress economic conditions as well as shipping activity in Europe. SecGen Herrera pointed out that of the 10 biggest sources of remittances from Filipino sailors, six are European countries.The top 10 sources of Filipino sailors’ remittances are the United States, Japan, Norway, Germany, the United Kingdom, Singapore, Greece, the Netherlands, Hong Kong, and Cyprus.
Despite the lingering crisis, remittances from Greece-based Filipino sailors were still up 18 percent in the first quarter to $34.7 million versus $29.3 million a year ago. In contrast, remittances from Filipino sailors based in Norway, the Netherlands, Cyprus, Denmark, Ireland and Sweden were down an average of 20.81 percent.
Recently, the Bangko Sentral ng Pilipinas (BSP) reported that total remittances from all migrant Filipino workers, whether based on land or at sea, reached $4.339 billion in the first quarter of 2010, up 6.96 percent from $4.057 billion over the same period in 2009.
In 2009, Filipino sailors sent home a record $3.4 billion, up $366 million or 12.06 percent from $3.034 billion in 2008. Remittances from Filipino sailors have more than doubled since 2005, when they sent home $1.669 billion.
In a press release, Trade Union Congress of the Philippines (TUCP) Secretary-General and former Senator Ernesto Herrera said the 11.04 percent growth in the Filipino sailor remittance was nearly double the 5.96 percent increase in the cash remitted by land-based migrant Filipino workers in the first quarter.
“We remain bullish overall about the potential growth in remittances from Filipino sailors in the months ahead,” said SecGen Herrera.
However, he is worried about Greece’s lingering debt crisis, which could depress economic conditions as well as shipping activity in Europe. SecGen Herrera pointed out that of the 10 biggest sources of remittances from Filipino sailors, six are European countries.The top 10 sources of Filipino sailors’ remittances are the United States, Japan, Norway, Germany, the United Kingdom, Singapore, Greece, the Netherlands, Hong Kong, and Cyprus.
Despite the lingering crisis, remittances from Greece-based Filipino sailors were still up 18 percent in the first quarter to $34.7 million versus $29.3 million a year ago. In contrast, remittances from Filipino sailors based in Norway, the Netherlands, Cyprus, Denmark, Ireland and Sweden were down an average of 20.81 percent.
Recently, the Bangko Sentral ng Pilipinas (BSP) reported that total remittances from all migrant Filipino workers, whether based on land or at sea, reached $4.339 billion in the first quarter of 2010, up 6.96 percent from $4.057 billion over the same period in 2009.
In 2009, Filipino sailors sent home a record $3.4 billion, up $366 million or 12.06 percent from $3.034 billion in 2008. Remittances from Filipino sailors have more than doubled since 2005, when they sent home $1.669 billion.
Trabaho.com thanks its following sources:
TUCP Press Release. Pinoy sailors sent home $888M in 1Q (Posted May 23, 2010) Retrieved May 25, 24, 2010 from
http://www.tucp.org.ph/news/index.php/2010/05/pinoy-sailors-sent-home-888m-in-1q/
Inquirer.net. Filipino sailors sent home $888M in 1Q, up 11% (Posted May 24, 2010) Retrieved May 25, 24, 2010 from
http://globalnation.inquirer.net/news/breakingnews/view/20100524-271791/Filipino-sailors-sent-home-888M-in-1Q-up-11
Business Mirror. Pinoy sailors sent home $888M in Q1, up 11% (Posted May 24, 2010) Retrieved May 25, 24, 2010 from
http://businessmirror.com.ph/index.php?option=com_content&view=article&id=25579:pinoy-sailors-sent-home-888m-in-q1-up-11&catid=33:economy&Itemid=60
Ison, Lilybeth, Balita.ph. RP sailors remittance up 11% to US$ 888-M in Q1 (Posted May 23, 2010) Retrieved May 25, 24, 2010 from
http://balita.ph/2010/05/24/rp-sailors-remittance-up-11-to-us-888-m-in-q1/
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