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Q1 OFW Remittances Climb 5.4% to $4.8B

By on May 16, 2012

Money transfers from Filipinos abroad reached $4.842 billion in the first quarter, up by 5.4 percent or $248 million from $4.594 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) reported Tuesday.

“Robust cash transfers in the first quarter of 2012 were supported by the sustained demand for Filipino manpower in various labor markets,” said BSP Governor Amando Tetangco Jr.

Remittances from land-based Filipino workers rose by 2.7 percent to $3.7 billion and from sea-based workers by 15.3 percent to $1.1 billion, Bangko Sentral data showed.

The bulk of remittances came from the US, Canada, Saudi Arabia, the United Kingdom, United Arab Emirates, Germany, Italy, and Hong Kong.

In February alone, the Tetangco noted remittances rose 5 percent to $1.697 billion from $1.616 billion a year earlier.

Philippine Overseas Employment Administration (POEA) data showed total job orders process in the first four months of 2012 stood at 68,711. These were the requirements from Saudi Arabia, UAE, Qatar, Kuwait, Hong Kong, Taiwan, and Singapore.

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