MANILA—Remittances from overseas Filipino workers rose by 8.2 percent to hit a new record of $18.8 billion last year, the Bangko Sentral ng Pilipinas announced on Thursday.

BSP Governor Amando M. Tetangco, Jr. attributed the increase to a strong demand for skilled Filipino workers and the expansion of overseas remittance centers.

Remittances from sea-based and land-based workers rose by 11.9 percent and 7.2 percent, respectively.

For December alone, remittances grew by 8.1 percent, registering its highest level at US$1.7 billion.

The stable flow of remittances continued to provide strong support to domestic demand, with the remittance level for the year accounting for close to 10 percent of the country’s Gross Domestic Product.

As of end-December, commercial banks’ established tie-ups, remittance centers, correspondent banks and branches/representative offices abroad expanded to 4,581 from 3,730 at end December 2009.

Meanwhile, the Philippine Overseas Employment Administration (POEA) reported that for January 2011, 16.9 percent (or 7,822) of the total approved job orders of 46,238 were processed.

These processed job orders comprised mainly of service, production, and professional, technical and related job categories needed in Saudi Arabia, Qatar, United Arab Emirates, Kuwait, Taiwan, and Hong Kong.

From January-December 2010, the major sources of remittances were the US, Canada, Saudi Arabia, UK, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway.

OFW remittances surpass 8% growth target

MANILA—Remittances from overseas Filipino workers rose by 8.2 percent to hit a new record of $18.8 billion last year, the Bangko Sentral ng Pilipinas announced on Thursday.

BSP Governor Amando M. Tetangco, Jr. attributed the increase to a strong demand for skilled Filipino workers and the expansion of overseas remittance centers.

Remittances from sea-based and land-based workers rose by 11.9 percent and 7.2 percent, respectively.

For December alone, remittances grew by 8.1 percent, registering its highest level at US$1.7 billion.

The stable flow of remittances continued to provide strong support to domestic demand, with the remittance level for the year accounting for close to 10 percent of the country’s Gross Domestic Product.

As of end-December, commercial banks’ established tie-ups, remittance centers, correspondent banks and branches/representative offices abroad expanded to 4,581 from 3,730 at end December 2009.

Meanwhile, the Philippine Overseas Employment Administration (POEA) reported that for January 2011, 16.9 percent (or 7,822) of the total approved job orders of 46,238 were processed.

These processed job orders comprised mainly of service, production, and professional, technical and related job categories needed in Saudi Arabia, Qatar, United Arab Emirates, Kuwait, Taiwan, and Hong Kong.

From January-December 2010, the major sources of remittances were the US, Canada, Saudi Arabia, UK, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway.