Facts About Philippine Remittances

Ten Things You Need to Know About Remittances to the Philippines

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  1. Filipino migrants play a huge part in sustaining the Philippines’ economy. As of late 2014, data from Bangko Sentral ng Pilipinas (BSP) revealed that cash remittances coursed through banks account for 8.5 percent of the Philippines’ gross domestic product.   2. Approximately twenty percent of Filipino households receive money from loved ones abroad.   3. In 2014, non-cash and cash remittances to the Philippines amounted to $26.924 billion, reaching a record high.   4. According to recent data from BSP, cash remittances increased from $1.804 billion (January 2014) to $1.814 billion (January 2015).   5. As of mid-2014, The World Bank lists the Philippines as the third top recipient of remittances worldwide.  
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  6. According to BSP, land-based overseas employees remitted a total of $18.7 billion in 2014, while sea-based workers sent in $5.6 billion.   7. Cash remittances from Filipino migrants are the biggest source of dollar income for the Philippine economy.   8. Two-thirds of the Philippines’ economic output is from remittances.   9. Each year, more and more skilled Filipinos choose to work and reside abroad. Currently, there are approximately 10.5 million Filipinos who are living or working in more than 200 countries—majority of which are sending remittances to the Philippines.   10. An average of 3,700 Filipinos leave the Philippines daily to either work overseas or migrate permanently.   References: http://www.bsp.gov.ph/statistics/keystat/ofw.htm http://www.worldbank.org/en/news/press-release/2014/04/11/remittances-developing-countries-deportations-migrant-workers-wb http://www.philstar.com/business/2015/02/21/1425909/remittances-seen-contributing-less-gdp-stanchart http://www.philstar.com/headlines/2015/02/17/1424591/ofw-remittances-6.2-percent http://3gs.cfo.gov.ph/news.html http://www.ph.undp.org/content/philippines/en/home/ourwork/povertyreduction/successstories/overseas-filipinos-remittances-for-development–ofs-red-project-.html
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