Remittances reach $2.46-B in October

ABS-CBN News

Posted at Dec 15 2014 05:47 PM | Updated as of Dec 16 2014 02:04 AM

MANILA – Cash and non-cash remittances from Filipinos overseas grew by 6.9 percent in October driven by sustained demand for workers abroad.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that remittances in October surged to $2.46 billion, bringing the 10-month total to $22.02 billion.

“Personal remittances continued to draw strength from the sustained rise in transfers from land-based workers with work contracts of one year or more at 5.6 percent as well as sea-based and land-based workers with work contracts of less than one year at 8.1 percent,” the BSP said.

Cash remittances increased to $2.22 billion in October, a 7 percent jump from the $2.08 billion posted in the same month last year.

In the 10 months to October, remittances by Filipinos abroad grew 6.2 percent to $19.87 billion from a year ago.

The central bank said the “steady demand for skilled and professional Filipino manpower supported the growth in remittance.”

It added that banks are continuing its efforts to provide remittance services for Filipinos abroad.

Most of the cash remittances came from the United States, Saudi Arabia, the United Kingdom, Singapore, Japan, Hong Kong, Canada, and the United Arab Emirates.

The BSP, citing data from the Philippine Overseas Employment Administration, said job orders reached 768,741 as of October, more than a third of which were for service, production, and technical workers in Saudi Arabia, the United Arab Emirates, Kuwait, Taiwan, and Qatar.

Last year, cash remittances reached $22.97 billion, and made up more than 8 percent of the country’s gross domestic product (GDP).

This year, the BSP is expecting remittances to grow by 5.5 percent compared to last year’s figures.