OFW inflows hit record high

MANILA, Philippines - Cash remittances from Filipinos overseas, which help boost domestic consumption, surged to a record high in October amid steady demand for skilled and professional workers, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

Remittances went up seven percent to a record $2.062 billion in October from $1.928 billion in the same month last year.

The central bank said the latest figure was the highest level ever recorded for monthly cash remittances. The previous peak for remittances was seen in December last year at $1.975 billion.

“Sustained demand for skilled and professional Filipino manpower overseas supported the steady rise in remittances,” the BSP said.

The central bank, citing data from the Philippine Overseas Employment Administration, said approved job orders reached 675,966 as of October, two-fifths of which were for services, production, professional, technical, and other related work.

These job orders were for Saudi Arabia, the United Arab Emirates, Kuwait, Taiwan, Hong Kong, and Qatar.

The October remittances brought the 10-month figure to $18.542 billion, six percent up from last year’s $17.499 billion.

Money sent home by land-based workers grew 5.5 percent to $14.2 billion, while those from sea-based workers increased 7.5 percent to $4.3 billion.

The central bank said the major sources of cash remittances during the 10-month period were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan.

Personal remittances, which include cash and non-cash items sent home by Filipinos abroad rose 8.8 percent to $2.282 billion in October, also an all-time high. This brought the January to October level to $20.452 billion, 6.8 percent higher than last year’s level.

Last month, the central bank said cash remittances may surge in November and December following the destruction caused by Super Typhoon Yolanda.

Filipinos abroad are expected to send more to their families as they rebuild their houses and businesses ravaged by the typhoon.

The central bank expects remittances to grow by five percent this year from last year’s $21.391 billion.