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OFW Remittances Reached $6.9 Billion for the First Eleven Months of 2003

01.15.2004

Remittances from overseas Filipino workers (OFWs) for the eleven-month period reached US$6.9 billion, 4.8 percent higher than the US$6.6 billion posted in the same period last year.  For the month of November, remittances reached US$579 million, a 4.4 percent contraction compared to the US$606 million remittances a year ago.  The volatility in the foreign exchange (FX) market might have encouraged OFWs to delay remittances on expectations of further depreciation which would yield higher peso equivalent.  For 2003, it is expected that remittances will expand by 6 percent to reach $7.6 billion.           

The rise in remittances during the period January-November 2003 can be attributed largely to the deployment of higher-paid professional and service workers such as caretakers/caregivers, clerks, office managers and utility personnel tempering the effect of the decline in the number of deployed workers. Deployed land-based workers contracted by 6.7 percent to 600,620, while sea-based workers rose 2.6 percent to 199,727 from their year-ago levels.[1]   

The U.S., Saudi Arabia, Japan, U.K., Hong Kong, Singapore, and the United Arab Emirates continued to be the major sources of OFW remittances during the period.


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[1] Data based on preliminary figures on new hires and rehires for January-November 2003.

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