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REMITTANCES from overseas Filipino workers coursed
through banks and other formal channels grew by 16
percent in February to $1.25 billion, latest data from
the Bangko Sentral ng Pilipinas (BSP) showed.
According to figures released on Tuesday, the figure
brings the total remittances for the first two months of
the year to $2.52 billion, or higher than the previous
year’s $2.18 billion.
February’s remittance is the biggest since 2003, when
the dollars sent ranged between $543 million and $1
billion. But on a month-on-month basis, it slowed down
compared with January’s $1.26 billion.
BSP,
quoting preliminary data from the Philippine Overseas
Employment Administration (POEA), attributed the
increase to the number of deployed skilled workers,
which rose by 14 percent to 199,378 from the previous
year’s 174,046 people. The POEA reported new hires in
the fields of engineering, medical and health care,
education, and food and hotel service rose compared with
previous years.
By skill
type, both the numbers of land-based and sea-based
workers rose by double-digit rates.
“The
sustained growth in the level of OF (overseas Filipino)
remittances was also supported by local banks’ provision
of enhanced banking services, such as mobile banking
services, and continued tie-ups with foreign financial
institutions that facilitated the transfer of remittance
to beneficiaries,” the central bank said.
It added that Filipino workers from the United States,
Saudi Arabia, United Kingdom, Italy, United Arab
Emirates, Canada, Japan, Singapore and Hong Kong
remained to be the major sources of remittances.
February is the 22nd month when OFW remittances are in
the $1-billion mark. |
