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OF Remittances Reach Record Level in October; First Ten Months’ Total at US$15.5 Billion


Remittances from overseas Filipinos (OFs) coursed through banks grew by 9.3 percent in October 2010 to reach US$1.7 billion, the highest monthly level posted during the year, BSP Governor Amando M. Tetangco, Jr., announced today. Boosted by the steady stream of remittance flows from both sea-based and land-based workers, the cumulative remittance level for the ten-month period climbed to US$15.5 billion, or a year-on-year growth of 7.9 percent. The bulk of remittances came from the U.S., Canada, Saudi Arabia, Japan, the U.K., United Arab Emirates, Singapore, Italy, Germany and Norway.

The sustained remittance flows into the country were due to the sustained robust demand for skilled and professional Filipinos. This, combined with the increasing presence of bank and non-bank money transfer conduits both locally and internationally as well as the expanding range of products and services offered by financial intermediaries to overseas Filipinos and their beneficiaries, contributed to the strong inflow of remittances. In particular, the continuing efforts to improve on the variety and coverage of the global remittance networks have enabled more overseas Filipinos to send remittances using more innovative financial services offered in the market.

Preliminary data obtained from the Philippine Overseas Employment Administration (POEA) indicated that for January-November 2010, approved job orders stood at 578,535, about four-tenths (39.2 percent) of which were comprised of processed job orders for service, production as well as professional, technical and related workers. The bulk of the approved job orders were mainly for jobsites in Saudi Arabia, UAE, Kuwait, Hong Kong and Taiwan.

Looking ahead, the deployment outlook for Filipinos overseas also remained upbeat given continuing bilateral talks with some host countries, aimed at matching manpower requirements with the competencies of Filipino workers.  The Department of Labor and Employment (DOLE) reported the plan of employers in Algeria to hire more workers for their various infrastructure projects. In addition, the POEA reported that the recruitment for the military base construction in Guam will commence in the last quarter of 2011.

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