Remittances from Filipinos working and living abroad grew faster thanexpected in 2013, hitting a new record high of 22.76 billion USD,despite continued weakness of the global economy, the Central Bank ofPhilippines (BSP) reported.
Last year’s figurerepresented a growth rate of 6.4 percent from a year ago, surpassing theBSP’s 5-percent growth target. It also accounted for 8.4 percent of thecountry’s total GDP for 2013.
In December alone, cash remittances rose by 9.1 percent year-on-year to a record 2.2 billion USD.
The BSP said cash transfers from land-based workers, which made up77.1 percent of total remittances, grew 6 percent in 2013 while thosefrom sea-based workers were up 7.9 percent.
Cashremittances largely came from the United States , Saudi Arabia , theUnited Kingdom , the United Arab Emirates , Singapore , Canada , andJapan .
The BSP said that remittances remainedrobust on the back of strong demand for skilled Filipino manpowerabroad, particularly in the Middle East .
Citingdata from the Philippine Overseas Employment Administration (POEA), thecentral bank said 1.8 million Filipino workers were sent abroad in 2013.
POEA noted that more than 793,400 job orders wereapproved last year, 40.9 percent of which were for services, production,and technical work.
These job orders were intendedfor the manpower requirements of Saudi Arabia , the United ArabEmirates , Kuwait , Taiwan and Hong Kong ( China ), and Qatar ,the BSP said.
Apart from the sustained demand forFilipino labour, the BSP said, the ever-expanding global presence oflocal banks and other financial institutions through the establishmentof new offices or tie-ups with foreign partners has made it easier forFilipinos to send money home safely.
By the end ofDecember 2013, there were more than 4,700 transaction locations ofPhilippine commercial banks’ tie-ups, remittance centres andcorrespondent bank branches and representative offices in othercountries, the BSP said.-VNA
Last year’s figurerepresented a growth rate of 6.4 percent from a year ago, surpassing theBSP’s 5-percent growth target. It also accounted for 8.4 percent of thecountry’s total GDP for 2013.
In December alone, cash remittances rose by 9.1 percent year-on-year to a record 2.2 billion USD.
The BSP said cash transfers from land-based workers, which made up77.1 percent of total remittances, grew 6 percent in 2013 while thosefrom sea-based workers were up 7.9 percent.
Cashremittances largely came from the United States , Saudi Arabia , theUnited Kingdom , the United Arab Emirates , Singapore , Canada , andJapan .
The BSP said that remittances remainedrobust on the back of strong demand for skilled Filipino manpowerabroad, particularly in the Middle East .
Citingdata from the Philippine Overseas Employment Administration (POEA), thecentral bank said 1.8 million Filipino workers were sent abroad in 2013.
POEA noted that more than 793,400 job orders wereapproved last year, 40.9 percent of which were for services, production,and technical work.
These job orders were intendedfor the manpower requirements of Saudi Arabia , the United ArabEmirates , Kuwait , Taiwan and Hong Kong ( China ), and Qatar ,the BSP said.
Apart from the sustained demand forFilipino labour, the BSP said, the ever-expanding global presence oflocal banks and other financial institutions through the establishmentof new offices or tie-ups with foreign partners has made it easier forFilipinos to send money home safely.
By the end ofDecember 2013, there were more than 4,700 transaction locations ofPhilippine commercial banks’ tie-ups, remittance centres andcorrespondent bank branches and representative offices in othercountries, the BSP said.-VNA
