Presidential Communications Operations Office



  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Thursday, 24 October 2019 News Before 1 Feb 2012. Click for Latest
Web PIA  
 
home
 
about
 
fotos
 
info
 
links
 
ncrr01carr02r03calmimr05r06r07r08r09r10r11r12r13
 << October 2019 >> 
S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31
Special News Editions:
English.Tagalog.Cebuano
Ilocano.Waray.Hiligaynon
Pangasinan.Other
PIA Specials:
NEW! Cabinet Officials
Jobs.Slides.Specials.Ads. Events.ASEAN.Multimedia
Visitors since 15 Feb 2011:
PIA News Archive:
English.Tagalog.Cebuano
Waray.Hiligaynon.Ilocano
Pangasinan.All
PIA Archive News Reader

PIA Press Release
2009/02/17

OFW remittances in 2008 reach USD16.4 billion

Manila (17 February) -- Remittances from overseas Filipinos coursed through banks reached 16.4 billion US dollars in 2008, which is 13.7 percent higher than the level recorded in 2007.

The figures are also above the Bangko Sentral Pilipinas' growth forecast of 13 percent or 16.3 billion US dollars for the same year.

Latest data from the BSP show that for the month of December alone, remittances continued to be above the 1 billion US dollar mark at 1.4 billion US dollars.

"Amidst the challenges posed by the global financial market strains and the economic downturn experienced by host economies, remittances from overseas Filipinos remain a dependable source of foreign exchange for the economy," BSP Governor Amando Tetangco, Jr. said.

Sustained demand for Filipino manpower worldwide, particularly professional and skilled workers, combined with greater access by overseas Filipinos and their beneficiaries to expanded remittance transfer facilities helped shore up remittance flows.

Preliminary data from the Philippine Overseas Employment Administration (POEA) show that the number of Filipinos deployed abroad in 2008 rose considerably by 27.8 percent to 1, 376, 823 from 1, 077, 623 in 2007.

However, the number deployed abroad in December declined by 5.8 percent to 89, 799 compared to the deployment figure in December of 2007.

While there are expectations that the number of Filipinos deployed overseas could contract in the coming months due to the global economic slowdown, there are favorable developments that provide some reason for optimism.

The POEA indicated that labor demand could remain strong in Canada, Bulgaria, Australia, the United Arab Emirates, and Qatar.

The latter in particular could continue to demand foreign workers in the power/energy, tourism/hotel and real estate sectors.

The hiring program for nurses and caregivers in Japan under the Japan-Philippines Economic Partnership Agreement (JPEPA) which will commence by end of April or early May this year also provide opportunities for Filipinos in the field of health and medical care.

Filipino workers could also benefit from the rapid expansion of New Zealand's dairy industry, spurred by higher milk prices, which created demand for dairy farm workers.

From January to December 2008, the major sources of remittances were the U.S., Saudi Arabia, Canada, U.K., Italy, United Arab Emirates, Japan, Singapore, and Hong Kong. (PIA-MMIO) [top]

|«  prev  next  »|
DAILY NEWS LIST:
»Sanitation now DOH's top priority
»Region XI launches "HL to the Max"
»Feature: Home-cooked vegetables still the best
»Total power outage hits Davao Light franchise area
»DENR launches hunt for CARAGA Region timber smugglers
»Roxas seeks VAT exemption for senior citizens
»Cebuano News: Pondo sa US alang sa mga WWII beterano, gikalipay
»GTZ fund to help mitigate impact of climate change
»Sulu consumers set to avail power subsidy from PGMA's Pantawid Kuryente program
»Cebuano News: PGMA ninglihok mahitungod sa pagmenos ug pagsulbar sa mga kaso sa droga
|«  prev  next  »|

Philippine Official Gazette | Office of the President | Presidential Communications Operations Office
For comments and feedback, please email PIA Newsdesk
Copyright © 2005 Philippine Information Agency
PIA Building, Visayas Avenue, Diliman, Quezon City 1101 Philippines