IPM: Remittances stay resilient

By Maricel E. Burgonio, Reporter

MONEY sent home by overseas Filipino workers (OFWs) rose significantly in the first five months of the year due to steady growth of deployed workers, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

In a statement, BSP Governor Amando Tetangco Jr. said total remittances grew 14.7 percent year on-year to $6.8 billion in the five-month period. In May alone, remittances rose 15.6 percent year on year to $1.4 billion.

The bulk of remittances continued to emanate from the US, Saudi Arabia, Canada, the United Kingdom, Italy, the United Arab Emirates, Singapore, Japan and Hong Kong.

“Behind the continued expansion in remittances for the period was the steady growth in the number of deployed Filipino workers and enhanced financial services offered by the banks to overseas Filipinos,” Tetangco said.

Preliminary data from the Philippine Overseas Employment Administration showed that the number of deployed Filipino workers worldwide jumped by 39.5 percent to 533,945 for the first five months of the year.

Tetangco said this reflected the distinct preference for the skills, quality and competence of Filipino workers.

More jobs were available to qualified Filipinos particularly from current expansion of a giant oil processing complex in the Middle East to service the rising global demand for crude.

Meanwhile, banks and non-bank remittance centers have been aggressive in expanding financial services to OFWs and their beneficiaries.

Tetangco said the establishment of more remittance centers, correspondent banks, and branches or representative offices abroad, together with the existing tie-ups with foreign financial counterparts, is expected to further facilitate the flow of remittances.