Remittances from overseas Filipinos continue to rise says BSP

Remittances from overseas Filipino workers (OFWs) continued to increase in September, rising by 6 percent year-on-year to reach $2 billion, Bangko Sentral ng Pilipinas Officer-in-Charge Nestor Espenilla Jr. said on Thursday.

He said that this brought cumulative remittances for the first three quarters of the year to $17.3 billion, higher by 5.7 percent than the level posted during the same period in 2011.

Meanwhile, remittance flows in January to September 2012 consisted primarily of personal transfers from both land-based OFWs with work contracts of one year or more (which grew by 3.4 percent) as well as sea-based workers and land-based workers with short-term contracts (which increased by 13.1 percent).

Cash remittances from OFWs coursed through banks rose by 5.9 percent in September?exceeding $1.8 billion, the highest monthly level recorded thus far.

BSP said that, on a cumulative basis, fund transfers for the first nine months of the year totaled $15.6 billion, registering a 5.5-percent expansion from the year-ago level.

By type of worker, cash remittances from sea-based and land-based workers during the January to September 2012 period increased by 12.9 percent and 3.5 percent, respectively.

The US, Canada, Saudi Arabia, Japan, the UK, United Arab Emirates and Singapore remained the top sources of cash remittances.

Aggregate flows from these countries represented more than three-fourths or 78.3 percent of the total cash remittances coursed through banks, the BSP added.

Remittances remained resilient on the back of sustained foreign demand for skilled Filipino manpower and continued financial service innovations of banks and other financial institutions.

Preliminary reports by the Philippine Overseas Employment Administration (POEA) indicated that for the period January to October 2012, a total of 262,444 job orders were processed largely for service, production, and professional, technical and related personnel.

The POEA also reported that workers with processed contracts and those awaiting deployment reached 1,276,620 in January to July 2012, higher by 8.9 percent than the level recorded in the same period last year.

http://www.manilatimes.net/index.php/business/top-business-news/35402-remittances-from-overseas-filipinos-continue-to-rise-bsp

Source: http://www.fpdglobal.com/component/content/article/57-business--investment/821-remittances-from-overseas-filipinos-continue-to-rise-says-bsp

ladainian tomlinson mark wahlberg pipa keystone xl sopa bill sopa and pipa piracy