|
By Maricel Burgonio, Reporter
Money sent home by the
Philippines’ large overseas work force rose 19.4 percent from a
year earlier to a record $12.8 billion in calendar 2006, the
government bank said Friday.
In a statement, Bangko Sentral
ng Pilipinas Gov. Amando M. Tetangco said December transfers alone
surged 37.2 percent to $1.3 billion, also a monthly record.
Monthly totals topped the
billion-dollar mark in each of the last eight months of 2006.
Tetangco said the annual 2006
take exceeds the BSP’s full year forecast for the year by $500
million.
The United States, Saudi Arabia,
Canada, Italy, Britain, Japan, the United Arab Emirates, Hong Kong,
Singapore and Taiwan were the largest sources of remittances to the
Philippines, the statement said.
Innovations
The figures reflect “the higher
deployment of Filipino workers abroad and to financial
institutions’ adoption of innovative ways to improve delivery of
financial services, expand their network and enhance their
infrastructure to reach a greater number” of clients, Tetangco
said.
The data do not include cash sent
by overseas-based Filipinos to relatives through informal, nonbank
channels.
Remittances also boosted
consumption growth, which is the main driver of the country’s
economic growth.
The beneficiaries mainly used the
money for food, education and investments particularly in building
houses, the BSP said.
Skilled workers
Preliminary labor department data
suggest 1.1 million newly hired Filipinos went to work abroad last
year, up 10.5 percent from 2005.
There are more than eight million
Filipinos working overseas, or nearly a 10th of the population.
Demand for Filipino workers “is
expected to increase further as the government intensifies its human
resource development and training programs for potential workers,
improving their competitive advantage over those from other
labor-producing countries,” Tetangco said.
By type of worker, the number of
deployed land-based workers was higher by 12.2 percent at 831,318
while the number of sea-based workers went up by 5.2 percent at
260,737.
Sea-based workers consist of
mainly of highly skilled maritime workers.
Offerings
BSP credited the strong
remittance inflow in part to improved platforms of banks and nonbank
remittance companies that have adopted advanced systems and new
technologies like Internet/on-line banking, phone banking and
remittance through short messaging.
Banks also enhanced financial
products and services like bill-payment arrangements, international
money/cash cards, remittance network expansion and new correspondent
remittance agreements with host countries.
|
