OFW remittances reach US$1.4-billion in January

Remittances from Overseas Filipinos Workers (OFWs) coursed through banks reached US$1.4 billion in January 2010, posting a year-on-year growth of 8.5 percent, the Bangko Sentral ng Pilipinas (BSP) reported.

BSP Governor Amando M. Tetangco, Jr said the remittances from sea-based workers rose by 18.1 percent while remittances from land-based workers also rose by 6.3 percent.

According to Tetangco, the steady remittance flows at the start of the year were supported by the continued strong demand for professional and skilled Filipino overseas workers, particularly in the healthcare, education and services sectors.

The Philippine Overseas Employment Administration (POEA) reported that nearly 19 percent or 18,539 out of the 98,845 total approved job orders for the period January 1 to February 28 have been processed.

Processed job orders were particularly strong for the manpower requirements of Saudi Arabia, UAE, Taiwan, and Qatar for service, production, and professional, technical and related occupations, the POEA reported.

The Department of Labor and Employment (DOLE), on the other hand, anticipates that work prospects for Filipino overseas workers will continue to be favorable, given the expected opening of new job markets and more opportunities for better-paying work in the next five (5) to 10 years.

Tetangco further said the expanding global network of remittance service providers through tie-ups with foreign financial institutions, establishment of remittance centers and marketing offices abroad also helped shore up the flow of remittances into the country.

The bulk of inflows came from the U.S., Canada, Saudi Arabia, Japan, Singapore, the U.K., Italy, and United Arab Emirates. Remittances from these countries accounted for the bulk 81.1 percent of the total inflows reported by local banks. PIA

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s