REMITTANCES from overseas Filipino workers coursed through banks rose 8.5 percent to $1.4 billion in January from a year ago, supported by the continued deployment of workers abroad, said the central bank on Monday.
Bangko Sentral ng Pilipinas (BSP) Gov. Amando Tetangco Jr. said remittances from sea-based workers rose 18.1 percent, while remittances from land-based workers grew 6.3 percent.
Remittances from the United States, Canada, Saudi Arabia, Japan, Singapore, the United Kingdom, Italy and the United Arab Emirates (UAE) accounted for the bulk or 81.1 percent of the total inflows reported by local banks.
The central bank attributed the steady remittance flows at the start of the year to the continued demand for professional and skilled Filipino overseas workers, particularly
in the health care, education and services sectors.
The Department of Labor and Employment (DOLE) anticipates that work prospects for Filipino overseas workers would continue to be favorable given the expected opening of new job markets and more opportunities for better-paying work in the next five to 10 years.
The Philippine Overseas Employment Administration (POEA) reported that 18,539 or nearly 19 percent of the total approved job orders of 98,845 in the first two months of the year have been processed. (PIA-Bohol)
