Personal remittances reach USD 15.7B in first 7 months

September 16, 2015 6:12 am 

MANILA, Sept 15 — Personal remittances from overseas Filipinos (OFs) amounted to USD 2.3 billion in July 2015, higher by 0.5 percent compared to the same period a year ago.

On a cumulative basis, personal remittances reached USD 15.7 billion in the seven-month period, registering a year-on-year growth of 4.6 percent, Officer-in-Charge Nestor A. Espenilla, Jr. said Tuesday.

Personal remittances from land-based workers with work contracts of one year or more grew by 5.4 percent while those from sea-based and land-based workers with work contracts of less than one year rose by 2.9 percent.

The 0.5 percent growth in personal remittances in July 2015, however, was lower than the previous year's 7.3 percent growth, partly due to the depreciation of currencies in their host countries against the US dollar, which reduced the dollar equivalent of their remittances.

Similarly, cash remittances from OFs coursed through banks increased by 0.5 percent year-on-year to USD 2.1 billion in July 2015.

This brought cash remittances for January-July 2015 to USD 14.2 billion, 4.8 percent higher than the USD 13.5 billion recorded in the same period last year.

Cash remittances from land-based and sea-based workers totaled USD 10.8 billion and USD 3.3 billion, respectively.

The bulk of cash remittances were sourced from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Hong Kong, and Canada.

The continued demand for OF workers remained the key driver of sustained remittance inflows. Preliminary reports from the Philippine Overseas Employment Administration (POEA) indicated that total job orders reached 526,345, of which 38.7 percent were processed, intended mainly for service, production, and professional, technical and related workers in Saudi Arabia, Kuwait, Qatar, Taiwan, and the United Arab Emirates.

Moreover, efforts of bank and non-bank remittance service providers to expand their international and domestic market coverage through their network of remittance business partners worldwide provided support to the steady remittance flows. (PNA)

RMA/PR-JS/EDS

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