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MONEY sent home by overseas Filipino workers (OFWs) hit a fresh
record last year, the Bangko Sentral ng Pilipinas (BSP) said Friday.
In a statement, the BSP said remittances
coursed through banks increased 13.2 percent to $14.4 billion last
year from P12.8 billion in 2006. It was also higher than the
forecast $14.3 billion.
Remittances accounted for about 10 percent
of the economy, as measured by the country’s gross domestic
product (GDP).
In December alone, the remittance volume
reached $1.4 billion, the highest monthly level on record. The BSP
said monthly remittances have been surpassing the billion-dollar
level since May 2006.
“Robust remittance flows in 2007 was due to
continued demand abroad for Filipino workers and enhanced remittance
services provided by banks and nonbank remittance agents,” the
central bank said.
It also said the significant rise in
remittances last year resulted from the increased presence of
commercial banks and local money transfer agents in countries with
high concentration of Filipino manpower.
“Looking forward, remittance flows are
expected to get a further boost from the newly signed agreements
between a local money transfer company and two telecommunication
service providers aimed at providing overseas Filipinos with
convenient and affordable remittance transfers with value added
services through the use of mobile communications,” the BSP said.
To date, the bulk of remittance flows came
from the US, Saudi Arabia, the United Kingdom, Italy, the United
Arab Emirates, Canada, Japan, Singapore, and Hong Kong.
Preliminary data from the Philippine Overseas
Employment Administration (POEA) showed that deployment of workers
in December grew by 20.8 percent year on year to reach 73,643.
As a result, the total number of deployed
Filipino workers abroad last year reached 1.073 million, a one
percent growth compared with 2006.
According to the POEA, the major countries
of destination last year included Saudi Arabia, the United Arab
Emirates, Qatar, and Taiwan, with professionals and skilled workers
accounting for the bulk of deployed new hires.
Employment prospects for overseas workers
in the near term remain favorable following indications of continued
demand from Canada, Australia, the Middle East, South Korea and
Taiwan.
-- Chino S. Leyco
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