RemittancesGateway.org

Remittances Of Overseas Filipino Workers Rise 5.4 Percent In April

Friday, 18 June 2010 18:29

Source: AllHeadlineNews

Money sent home by Overseas Filipino Workers went up by 5.4 percent to $1.52 billion in April, according to the Bangko Sentral ng Pilipinas. The continued increase in remittances showed that Filipino workers abroad are not affected by the sovereign debt problems in some European countries, where some of the OFWs are based, said BSP Governor Amando Tetangco Jr.

When reckoned from January to April, the remittances rose to $5.86 billion from $5.49 billion compared to the same four months in 2009.

Tetangco added the non-stop increase in OFW inflow – even during the height of the global financial crisis – is because of the steady demand for Filipino workers overseas and more bank and non-bank services available to bring to the Philippines the money earned abroad.

He estimated 81.4 percent of the remittances eventually coursed to Philippine banks are from the U.S., Canada, Saudi Arabia, U.K., Singapore, Japan, United Arab Emirates and Italy.

While OFW remittances has been a major contributor to the Philippine gross national product – accounting for at least 10 percent for the past decade – the migration of Filipino workers overseas has caused many social ills in the country, particularly broken marriages and families.