Global demand for OFWs fuels rise in remittances
11/16/2009 | 02:03 PM
(Updated) Cash sent home by overseas Filipino workers (OFWs) rose as global demand for skilled labor continued to increase, the Bangko Sentral ng Pilipinas (BSP) said on Monday.
Remittances reached $1.4 billion in September this year, 8.6 higher than the same month last year, the BSP said in a statement.
From January to September, remittances also climbed by 4.2 percent to $12.8 billion, said the BSP which has monitored OFW inflows since the 1990s.
Remittances could rise even further as “the series of strong typhoons that hit the country in September and October could have encouraged larger amounts of transfers from relatives based overseas," to help their families at home, the BSP said.
For the nine-month period, major sources of remittances were the US, Canada, Saudi Arabia, UK, Japan, Singapore, United Arab Emirates, Italy, and Germany.
Besides being propelled by the increase in remittances sent by both land-based and sea-based workers, rising OFW inflows was also helped by wider access to financial products and services.
“These factors support the optimistic outlook for the sustained growth in remittances through the rest of 2009," the statement said, quoting BSP Governor Amando M. Tetangco Jr.
Moreover, the Philippines’ central bank expected more workers to be employed overseas as hiring agreements continue to be forged with existing and non-traditional labor markets.
A top-level team from Guam has visited the Philippines to hire more workers to assist in the relocation of US military facilities from Japan to the American territory, the BSP said, citing a labor department report.
Hiring of skilled Filipino workers is expected to comments in July 2010.
“The Guam delegation indicated their preference for and intent to hire Filipino engineers, architects, professionals and skilled construction workers," the BSP said.
As of end-October 2009, total job orders processed reached 226,260, the Philippine Overseas Employment Administration (POEA) said.
This represents 43.9 percent of the jobs needed (515,438).
About 80 percent of the total job orders processed was for service and production and transport related workers. - GMANews.TV
Remittances reached $1.4 billion in September this year, 8.6 higher than the same month last year, the BSP said in a statement.
From January to September, remittances also climbed by 4.2 percent to $12.8 billion, said the BSP which has monitored OFW inflows since the 1990s.
Remittances could rise even further as “the series of strong typhoons that hit the country in September and October could have encouraged larger amounts of transfers from relatives based overseas," to help their families at home, the BSP said.
For the nine-month period, major sources of remittances were the US, Canada, Saudi Arabia, UK, Japan, Singapore, United Arab Emirates, Italy, and Germany.
Besides being propelled by the increase in remittances sent by both land-based and sea-based workers, rising OFW inflows was also helped by wider access to financial products and services.
“These factors support the optimistic outlook for the sustained growth in remittances through the rest of 2009," the statement said, quoting BSP Governor Amando M. Tetangco Jr.
Moreover, the Philippines’ central bank expected more workers to be employed overseas as hiring agreements continue to be forged with existing and non-traditional labor markets.
A top-level team from Guam has visited the Philippines to hire more workers to assist in the relocation of US military facilities from Japan to the American territory, the BSP said, citing a labor department report.
Hiring of skilled Filipino workers is expected to comments in July 2010.
“The Guam delegation indicated their preference for and intent to hire Filipino engineers, architects, professionals and skilled construction workers," the BSP said.
As of end-October 2009, total job orders processed reached 226,260, the Philippine Overseas Employment Administration (POEA) said.
This represents 43.9 percent of the jobs needed (515,438).
About 80 percent of the total job orders processed was for service and production and transport related workers. - GMANews.TV
