OFW remittances reach US$11.8 B in H1 2013-A A +A
Thursday, August 29, 2013
BANGKO Sentral ng Pilipinas (BSP) announced on Thursday that personal remittances from overseas Filipinos (OFs) for January to June this year which totaled to US$11.8 billion, representing a 6.2 percent increase from the level registered in the same period last year.
The sustained expansion in personal remittances during the first half of 2013 was boosted largely by the 5.1 percent growth in remittance flows from land-based OFWs with work contracts of one year or more, whose remittances comprised 75.1 percent of the total.
Remittance flows from sea-based workers and land-based workers with short-term contracts grew by 7.5 percent. For June alone, personal remittances from OFs rose year-on-year by 5.7 percent to reach US$2.1 billion, the highest monthly level recorded during the year.
Meanwhile, cash remittances from OFs coursed through banks for the first six months of 2013 reached US$10.7 billion, sustaining the 5.6 percent growth posted in the same period last year.
In particular, remittances from both sea-based (US$2.5 billion) and land-based workers (US$8.2 billion) expanded by 7.4 percent and 5.1 percent, respectively.
The major sources of cash remittances were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. Total flows from these countries represented about three-fourths (74.8 percent) of the total cash remittances coursed through banks. (PR)
Published in the Sun.Star Cagayan de Oro newspaper on August 29, 2013.