Money sent home by Filipinos overseas went up by almost a tenth to $1.4 billion in January from a year earlier, supported by the increased deployment of Filipino teachers, healthcare and service workers.
In a statement, the central bank said money sent home by land- and sea-based workers had risen by 18.1 percent and 6.3 percent, respectively.
"The Department of Labor and Employment anticipates that work prospects for Filipino workers overseas will continue to be favorable, given the expected opening of new job markets and more opportunities for better-paying work in the next five to 10 years," the central bank said.
The bulk of remittances came from the US, Canada, Saudi Arabia, Japan, Singapore, Britain, Italy, and the United Arab Emirates.
Money from these countries accounted for the bulk (81.1 percent) of total inflows reported by local banks.
Money from the US grew by 5.1 percent after posting consecutive declines since January 2009, buoyed by signs that the world’s biggest economy might be recovering from the slump.
The Philippine Overseas Employment Administration (POEA) said nearly a fifth or 18,539 of the total approved job orders from January 1 to February 28 have been processed.
"Processed job orders were particularly strong for the manpower requirements of Saudi Arabia, UAE, Taiwan, and Qatar for service, production, professional, technical and related occupations," the central bank said.
Meanwhile, the expanding global network of remittance service providers had also helped shore up the flow of remittances into the country, it added. — Norman P. Aquino, GMANews.TV
Global Money Transfer (Remittance) Market: An Analysis
The remittance lifeline: money sent from abroad helps Salvadoran families survive but hasn't changed the roots of poverty.(Features: remittances):
An article from: Hemisphere
The Hawala alternative remittance system and its role in money laundering
