PIA Press Release
Thursday, January 19, 2012
BSP: Jan-Nov 2011 overseas Filipinos remittances reached US$18.3 billionMANILA, 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)