June 2013 b issue

Page 1

UK & Europe Edition

June 2013 / Fortnightly

Volume 4 - Number 12

page 26

Connecting Global News & Views For The Community

FORTNIGHTLY

Celeb Scoop

E E FR

www.hello-philippines.com

REMITTANCES IN APRIL REACH $2-B MANILA - The funds sent home by overseas Filipinos workers in April alone went up by 7 percent to $2 billion from a year ago, the Bangko Sentral ng Pilipinas (BSP) said today. In a statement, BSP Governor Amando M. Tetangco said personal remittances in the first four months of 2013 reached $7.7 billion or 6.4 percent higher than the level recorded the same period last year. This was driven by the 4.6-percent growth in remittances by land-based OFWs with work contracts of one year or more, which is about threefourths of the total amount sent back home. Remittances from sea-based and land-based workers with short-term

contracts went up by 9.4 percent. Cash remittances coursed through banks rose 5.7 percent to $6.9 billion at end-April, with seabased and land-based workers’ transfers growing by 9.3 percent and 4.6 percent, respectively About 76 percent of the remittances that were sent through banks came from the US, Saudi Arabia, Canada, UK, UAE, Singapore and Japan. The BSP said the remittance flows remained strong due to the sustained demand for skilled Filipinos worldwide. According to the Philippine Overseas Employment Administration (POEA), more than

30 percent of the 367,738 job orders approved in January to May were mainly for service, production and professional, technical and related personnel. The job orders are for opportunities in Saudi Arabia, UAE, Taiwan, Kuwait, Qatar and Hong Kong. Aside from high labor demand, the expansion of bank and nonbank service providers’ wider global coverage--achieved either through tie-ups or establishment of remittance centers--has helped in capturing the steady flow of remittances into the Philippines. ■ Likha Cuevas-Miel / InterAksyon.com / June 17, 2013 / 6:29 PM

Where did OFWs’ remittances go in 2Q?

Data from the Bangko Sentral ng Pilipinas

MANILA - Where do the remittances of overseas Filipinos go when these reach their loved ones back home? Of the 525 households polled by the Bangko Sentral ng Pilipinas (BSP), 95.4 percent said they used the remittances for food, 67 percent for education, 54.9 percent for medical payments

and 42.1 percent for debt payments. Those who said they used the remittances for savings declined to 39.4 percent from 42.1 percent in the first quarter. Respondents who said they put away the remittances in investments such as business capital or in stocks went down, as well as those who said they bought

consumer durables, motor vehicles and real property. Repondents in the National Capital Region (NCR) followed the national trend while those outside NCR said more OFW housholds used the remittances to pay down their debts and for savings.

■ Likha Cuevas-Miel / InterAksyon.com

/ June 17, 2013 / 11:34 AM


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