Personal remittances amount to US$16.9 billion for the first seven months of 2016

Personal remittances from overseas Filipinos (OFs) for the first seven months of 2016 grew by 2.9 percent year-on-year to reach US$16.9 billion, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. said.

Personal remittances from land-based workers with work contracts of one year or more reached US$13.1 billion while compensation of sea-based workers and land-based workers with short-term contracts (excluding their expenditures abroad) totaled US$3.6 billion. However, personal remittances for July 2016 amounted to only US$2.4 billion, 5.4 percent lower than the level posted in the same month last year.

Cash remittances from OFs coursed through banks summed up to US$15.3 billion for the period January-July 2016, representing a growth of 3 percent year-on-year. In particular, cash remittances from land-based and sea-based workers totaled US$12.1 billion and US$3.3 billion, respectively. About 80 percent of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Qatar, Kuwait, Hong Kong, and Germany.2

Remittance inflows for the first seven months of 2016 remained stable despite the decline in deployment of skilled Filipino workers. A preliminary report from the Philippine Overseas Employment Administration (POEA) showed that the number of deployed land-based workers (new hires) dropped by 10.3 percent year-on-year to 235,895, while that of sea-based workers fell by 44.4 percent to 134,360.

Source: Philippine Information Agency

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