Now, this is the reason why the government is just too happy with their ban against Afghanistan and Nigeria. Remittance from these countries are probably not even counted for being negligible as oppose to the remittance from US, UK, Italy, UAE, Saudi Arabia, Canada, Singapore, Japan and Hong Kong.

End-November ’07 remittance hit US$ 13.1B OFW remittance


MANILA, Jan. 15 (PNA) – Overseas Filipino (OF) remittances sent through the banking system reached US $ 1.2 billion in November 2007, bringing the year’s first 11 months figure to US$ 13.1 billion.

Bangko Sentral ng Pilipinas (BSP) data shows the November 2007 figure is 14.51 percent lower than the previous month’s US $ 1.39 billion but 3.76 percent higher than year-ago’s US $ 1.14 billion.

Relatively, cumulative figure from January to November 2007 is 14.1 percent higher than the US $ 11.4 billion same period last year.

Bulk of these remittances came from US, UK, Italy, UAE, Saudi Arabia, Canada, Singapore, Japan and Hong Kong.

BSP projected remittances coursed through the formal banking system to reach US $ 14.3 billion in 2007.

BSP Governor Amando Tetangco Jr. said remittance inflows in November were reflection of the continued rise of deployment of overseas Filipino workers (OFWs).

Citing Philippine Overseas Employment Administration (POEA) records, Tetangco said, November 2007 deployment rose 7.7 percent year-on-year to 81,530 “marking the fifth consecutive month that the deployment figure recorded an increase from the respective year-ago levels.”

Number of land-based workers grew 10.1 percent year-on-year in November while sea-based workers grew 3.2 percent during same period.

Majority of the land-based OFWs deployed during the month are higher-paid and skilled workers like medical and healthcare staff, engineers, office and restaurant/food service staff, and production-related personnel.

Tetangco said another contributor to the high volume of remittances in November is the increase in the number of remittance centers abroad because of the tie-ups of local banks and other financial institutions with foreign remittance agents.

“These developments provided remitters fast and efficient modes of remittance transfer facilities and also allowed beneficiaries to avail themselves of the range of financial services offered by banks,” he added. (PNA)