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OFW Remittances Rose to $5.7 Billion for the First Three Quarters of 2003

11.13.2003

The BSP Officer-in-Charge announced today that remittances from overseas Filipino workers (OFWs) in September 2003 rose to US$600 million, up by 7.6 percent compared to US$557 million the previous year. This brings the cumulative nine-month remittances to US$5.663 billion, an improvement of 5.1 percent from the US$5.389 billion posted in the same period last year.

Notwithstanding the decline in the deployment of land-based OFWs, the growth in the volume of OFW remittances in the first three quarters of the year was attributed to the increased deployment of sea-based OFWs as well as the shift in the profile of deployed land-based OFWs to professionals and service workers such as caretakers/caregivers, clerks, office managers, teachers and utility personnel with higher salaries. Total deployment contracted by 5.6 percent from 708,859 to 669,419 during the period even as the number of deployed sea-based workers rose by 3.2 percent from 157,552 in the first nine months of 2002 to 162,581 in the same period this year.

Countries such as the U.S., Saudi Arabia, Japan, U.K., Hong Kong, Singapore, United Arab Emirates, Italy, Kuwait and Taiwan remained the major sources of these remittances.

With the anticipated increase in remittances from overseas workers in the last quarter of the year, the government is optimistic that the projected growth in remittance receipts for 2003 of 6.0 percent is achievable.

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