MANILA, Philippines – Filipinos working or living abroad sent home a total of $1.6 billion in January, reflecting a 5.4% annual increase, which still shows resiliency but highlights a slower than previous year’s growth pace.
On Thursday, March 15, the Bangko Sentral ng Pilipinas announced that sustained demand for Filipino workers amid concerns on the economic slowdown of some key hosts of millions of overseas Filipino workers (OFW), as well as expansion efforts of banks and financial institutions to diversify their money transfer services, have kept remittances growing.
Remittances, which reached an all-time high of $20.14 billion in 2011, fuel consumer spending and investments that contribute to overall healthy economic growth of the Philippines.
The Philippines is one of the top sources of labor exports in the world.
Remittances from sea-based workers grew 19.8% to $369 million in January. Land-based OFWs, however, still sent the bulk, or 60.2%, of total. Land-based remittances reached $1.2 billion, representing a modest 1.6% increase.