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Monday, September 21st, 2020

Remittances up to $14.6B in first half

by August 15, 2016 General

MONEY sent home by overseas Filipinos grew by 3.1 percent year-on-year to $14.6 billion during the first semester of this year, the central bank said Monday.

For June alone, the personal remittances went up to $2.6 billion, 4.8 percent higher compared to the same period last year, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said.

“The continued demand for skilled Filipino workers abroad supported the steady remittance inflows,” he said.

Personal remittances from land-based workers with work contracts of one year or more reached $11.3 billion while compensation of sea-based workers and land-based workers with short-term contracts, excluding their expenditures abroad, amounted to $3.1 billion.

Meanwhile, Cash remittances amounted to $2.3 billion in June, 4.8 percent growth from the year-ago level.

From January to June, cash remittances amounted to $13.2 billion, higher by 3.2 percent than the $12.8 billion recorded in the comparable period in 2015.

In particular, cash remittances from land-based and sea-based workers amounted to $10.4 billion and $2.8 billion, respectively.

About 80 percent of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Qatar, Kuwait, Hong Kong, and Germany.

Citing the preliminary data from the Philippine Overseas Employment Administration (POEA), the central bank said the number of workers deployed in the first half of the year reached a total of 223,116 for land-based (new hires) and 93,600 for sea-based workers.

The number of deployed land-based (new hires) workers increased by 0.9 percent year-on-year, while that of sea-based workers declined by 55.6 percent compared to the year-ago level.

Reports further showed that for the period January to June, processed contracts for land-based workers were largely for services and sales, elementary occupations (such as those working in the agriculture, forestry, fishing, mining, construction, manufacturing, and transport sectors), and craft and related trades.

The top country destinations of Filipino workers were Saudi Arabia, Kuwait, Qatar, Taiwan, and Hong Kong. (SDR/Sunnex)