Remittances hit $2B in February

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'The continued demand for skilled Filipino workers contributed party to the steady flow of remittances,' the BSP says

REMITTANCES. The total remittances of overseas Filipino workers in the first two months of 2014 reached $4 billion. AFP file photo

MANILA, Philippines – Remittances reached $2 billion in February, partly due to the continued demand for skilled Filipino workers abroad, the Bangko Sentral ng Pilipinas said on Tuesday, April 15.

The BSP said in a statement that the February remittances brought the cumulative remittances of the sector to $4 billion – a 6.4-percent growth year-on-year.

“The continued demand for skilled Filipino workers contributed party to the steady flow of remittances,” the BSP said.

It cited preliminary data from the Philippine Overseas Employment Administration (POEA) which showed that in January to February 2014, approved job orders totaled 75,064 of which 24,895 or  33.2% were for service, production, and professional, technical and related job categories in Saudi Arabia, the United Arab Emirates, Taiwan, Kuwait, and Qatar.

The BSP said personal remittances “continued to draw strength from the steady rise in transfers from the land-based workers with long-term contracts (4.3%), and sea-based and land-based workers with short-term contracts (10.3%).”

In February, OFWs coursed $1.8 billion of their remittances through banks, a 5.6% increase from the same period last year.

From January to February 2014, cash remittances grew to $3.6 billion from $3.4 billion year-on-year, a 5.8% increase.

Cash transfers from both land-based workers and sea-based workers were at  $2.7 billion (4.3% increase) and $903 million (10.3% increase) respectively, year-on-year.

The major sources of cash remittances were the United States, UAE, United Kingdom, Singapore, Japan, and Canada.

The BSP also cited Department of Labor and Employment  (DOLE) reports that the Middle East, Asia, and Oceania “remain possible employment options” for overseas Filipino workers.

It said that the continued international and domestic expansion efforts of bank and non-bank remittance service providers gave support to the sustained flow of remittances. – Rappler.com

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