Presidential Communications Operations Office

  PIA Bldg, Visayas Ave, Diliman, Quezon City, Philippines
  Friday, 29 May 2020 News Before 1 Feb 2012. Click for Latest
Web PIA  
Region NCR Submenu
Latest News
News Headlines
Foto Releases
One Luzon

Parañaque City Mayor Florencio Bernabe, Jr. (second from left) is awarded a water-themed painting by Artist Ivan Acuña; the MWSI Special Partnership Award; and a plaque of recognition from Maynilad officials (from left) President and CEO Victorico P. Vargas, Chairman Manuel V. Pangilinan, Chief Operations Officer Herbert M. Consunji and Chief Finance Officer Randolph T. Estrellado during the 5th Anniversary Celebrations of the Maynilad Water Services Inc. which was held recently at the SM Mall of Asia. The Special Partnership Award was given in recognition of the contribution of the Parañaque City Government and Mayor Jun Bernabe for the continued expansion of MWSI water services in the city. (Photo By: Jun Budlat)
National Capital Region

PIA Press Release
Thursday, January 19, 2012

BSP: Jan-Nov 2011 overseas Filipinos remittances reached US$18.3 billion

MANILA, Jan. 19 (PIA) -- Strong remittance flows from both sea-based and land-based overseas Filipino workers for the first eleven months of 2011 reached US$18.3 billion.

The amount is 7.3 percent higher than the level posted in the same period last year.

In a statement, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco,Jr. said that for November alone, remittances reached US$1.8 billion, the highest monthly level of remittances on recorded.

The 10.6 growth in remittance flows during the month could be attributed to additional funds sent by overseas Filipinos to their families for holiday spending.

Remittance flows from both sea-based and land-based workers, which recorded increments of 15.8 percent and 9.3 percent, reached US$377.7 million and US$1.4 billion, respectively.

The major sources of remittances were the U.S., Canada, Saudi Arabia, the U.K., Japan, United Arab Emirates, Singapore, Italy, Germany, and Norway.

Continues demand for Filipino manpower abroad also helped support the flows of remittances during the period, despite the difficult economic conditions in the U.S. and other countries in Europe.

Records from the Philippine Overseas Employment Administration (POEA) indicated that the number of overseas Filipino workers with processed contracts and awaiting deployment increased by 4.5 percent to 1,370,584 for the period January-September 2011 from 1,311,437 in the same period a year ago.

The POEA also reported that approved job orders for January-December 2011 reached 711,238, of which about 40 percent consisted of processed job orders for service, production, as well as professional, technical and related workers.

The bulk of the approved job orders were mainly for job placements in Saudi Arabia, UAE, Qatar, Kuwait, Hong Kong and Taiwan.

In addition, as more Filipinos abroad and their beneficiaries are encouraged to utilize the formal mode of money transfer, banks have expanded their reach worldwide by establishing more tie-ups with remittance offices, partners and remittance agents across the globe where a large number of overseas Filipinos are concentrated.

The extensive remittance network coverage and availability of secure and reliable money transfer services as well as other innovative financial products resulted in better capture of global remittance flows. (BSP/RJB/SDL/PIA-NCR)

Latest Stories
  • Tagalog news: Metro Manila mayors tutugunan ang hamon ng climate change (NCR)
  • “Gabi ng Parangal” culminates Microinsurance month (NCR)
  • DPWH chief bats for long term solutions vs flooding, disasters (NCR)
  • ‘Asenso P’que Job Fair 2012’ set on February 7 (NCR)
  • Marikina launches project for small entrepreneurs (NCR)
  • NAPOLCOM clarifies issue on non-release of 2011 police entrance, promotional exams (NCR)
  • Coast Guard to get P1.6 billion more for new equipment (NCR)
  • DENR, BFAR intensify drive vs. marine pollution (NCR)
  • DA says sugarcane 'outperforms' other crops in 2011 (NCR)
  • PNP extends condolences, financial assistance to families of bomb blast victims (NCR)
  • National Archives, kailangan ng bagong gusali (NCR)
  • DA, LBP extend initial P400M Loan to rice farmers (NCR)
  • Makati opens 'SMART' summer program on Feb. 13 (NCR)
  • Coast Guard to beef up sea, air assets (NCR)
  • Marikina to host third leg of Philippine Water Runs (NCR)

    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