HOME  ABOUT THE BANK  MONETARY POLICY  BANKING SUPERVISION  PAYMENTS & SETTLEMENTS  STATISTICS  FEEDBACK CORNER
   BSP NOTES & COINS  MONETARY OPERATIONS  LOANS-CREDIT & ASSET MGT  PUBLICATIONS & RESEARCH  REGULATIONS  PROCUREMENT

Feedback Corner

Publications and Research

Media Releases

OFW Remittances for January-February 2003 Reached $1.141 Billion

04.11.2003

BSP Officer-in-Charge Amando M. Tetangco Jr. reported today that remittances from overseas Filipino workers (OFWs) for the first two months of 2003 grew modestly by 5.5 percent to reach $1.141 billion from $1.081 billion posted same period last year. The year-to-date inflows reflected the revision for the January figure to $611 million (from $534 million) following conduct of post audit review and the remittances in February 2003 which declined slightly by 0.3 percent from the level last year to $530 million. The January correction emanated from the reclassification of OFW remittances which was earlier reported inadvertently by a bank as workers’ remittances in the current transfers account. [1]

OIC Tetangco noted that the increase in OFW remittances reflected in part the increase in the number of Filipinos leaving to work abroad, which according to the POEA’s statistics on new hires and rehired workers for the period January-February 2003 grew marginally by 0.4 percent from the level last year. Most of the OFWs are in the field of services, medical care and entertainment.

--------------------------------------------------------------------

[1]  Workers’ remittances in the current transfers account represent inflows from Filipino migrants who are employed in another economy and considered residents there.

RSS Subscribe for updates

Archives