Filipinos working abroad sent a record $1.3
billion in December, up by a hefty 37.2 percent from a year
earlier, bringing the total remittances for the year higher than
forecast, the Bangko Sentral ng Pilipinas said yesterday.
Remittances from January to December amounted
to $12.8 billion, also the highest in history, as the country
deployed more workers last year.
Remittances last year were up by 19.4 percent
from the previous year and exceeded by $500 million the $12.3
billion expected for the period.
Including funds sent through informal
channels, the BSP was expecting $13.4 billion last year.
The remittances come mainly from Filipinos
working in the United States, Saudi Arabia, Canada, Italy, the
United Kingdom, Japan, the United Arab Emirates, Hong Kong,
Singapore and Taiwan .
BSP Governor Amando Tetangco Jr. said OFW
inflows rose as the country sent more workers last year.
Citing preliminary data from the Philippine
Overseas Employment Administration, Tetangco said deployment
rose by 10.5 percent last year to 1.1 million.
The number of deployed land-based workers
rose the most, increasing by 12.2 percent to 831,318 from a year
earlier.
The number of sea-based workers also went up,
by 5.2 percent to 260,737.
"The strong inflows can be traced mainly to
the higher deployment of Filipino workers abroad," Tetangco
said.
"It was also due to the financial
institutions’ adoption of innovative ways to improve delivery of
financial services, expand their network and enhance the
infrastructure to reach a greater number of overseas Filipinos
and their beneficiaries," Tetangco added.
Tetangco said deployment is expected to grow
further as the government heightens its development and training
for potential workers and as the demand for Filipino labor
abroad increases.
The BSP is expecting total remittances of $14
billion this year, boosting the $1.6 billion surplus seen in the
balance of payments.
OFW remittances, which now amount to about 10
percent of gross domestic product annually, spur consumer
spending, a key driver of economic growth.
Inflows growing at a robust pace, however,
trigger rise in domestic liquidity, which may fan inflation.
