Money
sent home by Filipinos working abroad remain robust, growing by double-digits
for the time this year despite lingering global uncertainties, the Bangko
Sentral ng Pilipinas said on Monday.
In a statement, the BSP said remittances coursed
through banks grew 11.1 percent to reach $1.7 billion in August compared with
$1.5 billion in the same period last year. The August inflows brought the
eight-month tally up 6.9 percent to $13 billion, with cash transfers from land-
and sea-based workers growing by five and 14.4 percent, respectively. The BSP
forecast remittances to grow 7 percent this year.
The top 10 sources of remittances include
economically troubled nations such as the US, Japan and Italy, as well as
Canada, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore,
Germany and Norway. Combined flows from these countries represented 84.9
percent of total remittances reported by banks, the BSP said.
Central bank Governor Amando Tetangco Jr said
that stable employment prospects for OFWs were indicated in data obtained from
the Philippine Overseas Employment Administration. From January 1 to September
30, the number of processed job orders totaled 193,176, reflecting an 8.6
percent increment over the 177,936 in the same period last year.
The processed job orders were for employment
opportunities in Saudi Arabia, UAE, Taiwan, Qatar, Kuwait, and Hong Kong, among
others.
The POEA also reported that another batch of
licensed Filipino nurses and caregivers would be deployed in Japan next year,
as part of the continuing hiring program under the Philippines-Japan Economic
Partnership Agreement. Commercial banks’ continued efforts to build up their
network of remittance business partners worldwide have contributed to the
country’s larger share of the global remittance market, Tetangco said.
“Partnerships have been strengthened with
correspondent banks and with other remittance companies abroad. Going forward,
the remittance outlook for the remaining months of the year remains favorable
as government redeployment strategies are in place to help Filipino workers
affected by the social unrest in the Middle East and North Africa region,” the
governor said.
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