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OF Remittances in First Eleven Months Rise to US$13.1 Billion

01.15.2008

Remittances from overseas Filipinos (OFs) coursed through banks in November amounted to US$1.2 billion, expanding by 3.8 percent relative to its level in the previous year.  Since May 2006, monthly remittances have surpassed US$1 billion.  The level of remittance in November 2007 brought the cumulative amount for the eleven-month period to US$13.1 billion, higher by 14.1 percent compared to the year-ago level of US$11.4 billion. Remittances coursed through banks are projected to reach US$14.3 billion in 2007.

The sustained strong remittance flows in November reflected the continued rise in the number of deployed overseas workers.  Preliminary data from the Philippine Overseas Employment Administration (POEA) showed that total deployment in November 2007 rose year-on-year by 7.7 percent to 81,530, marking the fifth consecutive month that the deployment figure recorded an increase from the respective year-ago levels.  In particular, the number of deployed land- and sea-based workers in November grew by 10.1 percent and 3.2 percent, respectively.  Classified by skill, the bulk of deployed land-based Filipino workers comprised mostly of higher-paid professional and skilled workers such as medical and healthcare workers staff, engineers, office and restaurants/food service staff, and production-related personnel.         

Higher remittances from January to November 2007 were also attributed to the increase in the number of remittance centers abroad as banks and other financial institutions strengthened their tie-ups with foreign remittance agents. These developments provided remitters fast and efficient modes of remittance transfer facilities and also allowed beneficiaries to avail themselves of the range of financial services offered by banks. 

To date, the bulk of remittance flows came from the U.S., U.K., Italy, United Arab Emirates, Saudi Arabia, Canada, Singapore, Japan, and Hong Kong. 


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