Remittances by OFWs Remained Flat in October
MANILA: Remittances by overseas Filipino workers remained flat in October on the back of the continued weakness of other currencies against the US dollar, the Bangko Sentral ng Pilpinas (BSP) has revealed.
BSP Governor Amando Tetangco Jr. was quoted as saying by Rappler that the amount of cash remitted by overseas Filipinos was almost unchanged at $2.23 billion in October from $2.29 billion in the same month last year.
In September, cash sent home by Filipinos abroad grew 4.3 percent to $2.2 billion in September, up from $2.11 billion in the same month in 2014, the report said.
The growth of cash remittances inched up slightly to 3.7 percent to $20.64 billion from January to October this year compared to $19.91 billion in the same period last year, it added.
Data showed remittances from land-based Filipino workers grew 3.9 percent to $15.8 billion in the first 10 months of the year, the report pointed out.
Cash sent home by sea-based workers went up by 2.9 percent to $4.8 billion, reported Rappler, adding that the BSP has set a 5 percent growth target in cash remittances from overseas Filipinos.
Reportedly, the amount of money sent home by Filipinos abroad grew 5.9 percent to $24.35 billion in 2014 from $22.98 billion in 2013.
However, currencies in countries where Filipinos have been deployed have been weakening the US dollar due to uncertainties brought about by the impending interest rate hike in the US and the economic slowdown in China.
This translates to lower US dollar value of the amount of money sent home by overseas Filipinos to their loved ones in the Philippines, said the news portal.
But remittance inflows were supported by the steady deployment of skilled manpower, it added.
Preliminary reports form the Philippine Overseas Employment Administration (POEA) showed total job orders for the first 10 months of the year reached 717,182, BSP was quoted as saying by Rappler.