Personal Remittances to the Philippines Increase by 0.2 Percent

Remittances to the Philippines Reached US$2 Billion in January

  Cash remittances to the Philippines up by 0.5%   Cash and non-cash remittances from Filipinos working abroad amounted to US$2 billion in January 2015, according to Bangko Sentral ng Plipinas Governor Amando M. Tetangco, Jr. This is 0.2 percent higher than the year-ago level. Cash remittances from Filipinos employed overseas went up to US$1.804 billion, 0.5 percent higher than the amount remitted in the same period last year.   A total of US1.5 billion were sent to the Philippines by Filipinos with work contracts of one year or more. On the other hand, Filipinos who are employed abroad for less than a year remitted a total of US$0.5 billion. Majority of cash remittances came from the United States, the United Arab Emirates, Saudi Arabia, the United Kingdom, Singapore, Japan, Canada, and Hong Kong.   Bangko Sentral ng Pilipinas stated, “Continued demand for skilled Filipino manpower contributed to the steady inflow of remittances.” Out of the 77,009 approved job orders in January 2015, 26.3 percent were already processed. The Philippine Overseas Employment Administration processed 2.4 million job contracts in 2015.   “Moreover, the continued efforts of bank and non-bank remittance service providers to expand their international and domestic market coverage through their network of remittance business partners worldwide provided support to steady remittance flows,” stated Bangko Sentral ng Plipinas.     References: http://www.bsp.gov.ph/publications/media.asp?id=3682 http://www.bsp.gov.ph/publications/tables/2015_03/news-03162015b1.htm
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