February remittances reach $1.59 billion


Posted at Apr 16 2012 04:13 PM | Updated as of Apr 17 2012 04:34 PM

MANILA, Philippines - Remittances of overseas Filipinos grew by 5.8% to $1.587 billion in February compared to the same month in 2011, according to the Bangko Sentral ng Pilipinas (BSP).

Total remittances for January and February reached $3.14 billion, 5.6% higher from the previous year.

Around 76% or $1.2 billion of the total remittances in February came from land-based workers, while the rest came from sea-based workers.

"The continued inflow of OF remittances is supported by the sustained demand for Filipino manpwer in various foreign labor markets. Latest data from the POEA showed that for the period January to March 2012, job orders for professional and technical, service and production workers increased by 24.6% to 200,010 in the comparable period last year," the BSP statement said.

Remittance growth is seen slowing to 5% this year after it climbed 7.2% to $20.12 billion last year, outpacing the central bank's full-year 2011 remittance growth forecast of 7% despite a slowing U.S. economy and debt problems in Europe.        

The top sources of remittances in February were the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Italy and Germany, and Hong Kong. - With Reuters