OFWs’ February remittances rise 9.1% to $2.11B

Remittances from overseas Filipino workers (OFWs) witnessed a 9.1 percent year-on-year growth in February 2016, highest since August 2015.

The latest Bangko Sentral ng Pilipinas (BSP) data suggest that cash inflows in the second month this year reached $2.11 billion, higher than last month’s $2.02 billion and last year’s $1.94 billion, Northbound Asia reported.

To date, cash remittances grew by 6.2 percent to $4.13 billion against year-ago’s $3.9 billion.

Remittances to the Philippines posted slower and even negative growth since the second half of last year due in part to the decline of inflows from the Middle East following the drop of oil prices to record-low levels, the report said.

BSP Deputy Governor and officer-in-charge Diwa Guinigundo reportedly traced the strong growth of cash remittances to inflows from the United States, Saudi Arabia, the United Arab Emirates, Singapore, Hong Kong, the United Kingdom, Canada, Japan, and Qatar.

Similarly, over-all remittances, which include in-kind transfers, “continued to draw strength from the steady rise in transfers from land-based OF workers with work contracts of one year or more, which reached $3.5 billion, as well as compensation of sea-based workers and land-based workers with short-term contracts (excluding their expenditures abroad), which totaled $1 billion.”

Total remittances last February amounted to $2.33 billion, up nine percent year-on-year, bringing the two-year level to $4.57 billion, 6.1 percent higher compared to the $4.3 billion in end-February 2015.

The central bank has set a four percent full-year growth assumption for remittances this 2016, said the news portal.

Source: The Filipino Times

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