Home / Philippine Business News / OFW remittances reach $1.9 billion in January 2013

 
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Remittances from overseas Filipino workers (OFW) continue to increase, as the Bangko Sentral ng Pilipinas recorded a total of $1.9 billion worth of personal remittances from Filipinos who work and live abroad in January 2013.

The figure is higher by 8.4% compared to the $1.7 billion level a year ago.

Personal remittances consist primarily of transfers from land-based OFWs with work contracts of one year or more, as well as those from sea-based and land-based workers with short-term contracts of less than a year.

Transfers from OFWs with contracts of more than one year grew by 6.8%, while transfers from short-term contract workers increased by 11.7%.

Cash remittances coursed through banks also grew to $1.7 billion compared to $1.6 billion recorded in the previous year. More than $1.3 billion were remitted through banks by land-based workers, while around $412 million were sent through banks by sea-based workers.

Majority of the remittances came from the following countries:

  • United States - 38.9%;
  • Canada – 11.0%;
  • Saudi Arabia – 7.6%;
  • United Kingdom – 5.3%;
  • United Arab Emirates – 4.7%;
  • Singapore – 3.9%; and
  • Japan – 3.8%

The continued growth of remittances is due to a steady demand for skilled and professional Filipino workers abroad, coupled with expanded money transfer services offered by financial institutions.

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Data from the Philippine Overseas Employment Administration (POEA) shows that the total number of deployed OFWs for 2012 reached 1,800,465 from 1,687,831 a year ago. Of the total deployed overseas workers, 79.7% were land-based and 20.3% were sea-based.

It is estimated that between 9.5 million to 12.5 million Filipinos work or reside abroad, representing 11% of the total Philippine population. In 2012, the BSP estimates total OFW remittances to reach $21 billion, a 5% growth from the 2011 remittance figure.

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