OFs remittance inflows reach US$ 1.7B in March ‘12

May 15, 2012 10:35 pm 

MANILA, May 15 -– Volume of inflows sent by Overseas Filipinos (OFs) rose in March 2012 against month-ago’s level but growth slowed to five percent compared to the previous month’s 5.8 percent level.

BSP Governor Amando Tetangco Jr. said total remittances sent through banks last March amounted to US$ 1.7 billion, higher than month-ago’s US$ 1.6 billion and year-ago’s US$ 1.62 billon.

Inflows in the third month this year brought to US$ 4.84 billion total remittances sent through the formal channel in the first quarter this year, up by 5.4 percent than the US$ 4.6 billion during the same period last year. The growth, however, is lower than the end-February 2012’s 5.6 percent.

Tetangco said bulk of the inflows in the first quarter this year came from the U.S., Canada, Saudi Arabia, Japan, the U.K., Singapore, United Arab Emirates, Germany, Italy and Hong Kong.

He said inflows from land-based workers grew by 2.7 percent to US$ 3.7 billion while those from sea-based workers rose by 15.3 percent to US$ 1.1 billion.

Strong demand for Overseas Filipino Workers (OFWs) continues to fuel the increase in remittance inflows, he said.

Citing Philippine Overseas Employment Administration (POEA) data, the central bank chief said processed job orders for service, production, and professional, technical and related workers totalled to 68,711 from January 1 to April 30 this year.

The job orders are intended for manpower requirements in Saudi Arabia, UAE, Qatar, Kuwait, Hong Kong, Taiwan and Singapore.

Tetangco also attributed the higher remittance inflows to the “continued expansion of banks’ presence across the globe through tie-ups established by local financial institutions with foreign and local money transfer operators, mobile phone service operators and pawnshops.” (PNA) DCT/JS/utb

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