Monday, April 16, 2012
MONEY sent home by overseas Filipinos rose to $1.6 billion in February, posting a year-on-year growth of 5.8 percent, according to records of the Bangko Sentral ng Pilipinas (BSP).
The BSP said the bulk of the total cash transfers, at 76.1 percent or $1.2 billion, were sent by land-based workers while 23.9 percent or $0.4 billion came from sea-based workers.
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Top ten source countries of cash remittances are US, Canada, Saudi Arabia, Japan, UK, Singapore, United Arab Emirates, Italy, Germany and Hong Kong. Banks said these countries account for 86.3 percent of total fund transfers.
The cumulative remittances for the first two months of 2012 reached $3.1 billion, higher by 5.6 percent than what was recorded in the same period last year.
Manpower demand
The BSP said the continued inflow of overseas Filipino remittances is supported by the sustained demand for Filipino manpower in various foreign labor markets.
Latest data from the Philippine Overseas Employment Administration (POEA) showed that for January to March, job orders for professional and technical, service and production workers increased by 24.6 percent to 200,010 for postings in Saudi Arabia, UAE, Qatar, Taiwan, Kuwait, Singapore and Hong Kong.
The lifting of the ban imposed by POEA on deployment to Nigeria, Libya and South Sudan, following improved security conditions in these countries, could provide additional employment prospects abroad for Filipino manpower.
The BSP said local banks and other financial institutions continued to expand their presence abroad to serve the remittance needs of Filipino workers.
Universal bank United Coconut Planters Bank (UCPB) said in a statement that it has been forging tie-ups with both internet- and office-based remittance companies to boost its operations.
UCPB, which hopes, to achieve a P4 billion net income this year, will bank on creating more technology-driven products while expanding its loan portfolio, remittance business, fee income and branch network to drive revenue growth.
The bank will also open five new branches this year as part of its efforts to reach out to more clients.
“The improved accessibility of remittance centers, and the wider array of financial products on offer, supported the increase in remittances and encouraged more overseas Filipinos to send money to their families and other beneficiaries in the Philippines,” the BSP said.
Published in the Sun.Star Cebu newspaper on April 17, 2012.
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