^

Business

Remittances hit record high of $25.1 B in 2013

The Philippine Star

MANILA, Philippines (Xinhua) - Remittances from overseas Filipino workers (OFWs) reached a record high of $25.1 billion in 2013, 7.6 percent higher than previous year's level, the local central bank said today.

The Philippine central bank said remittances in the month of December alone amounted to $2.4 billion, up 12.5 percent compared to remittances recorded in December 2012.

"Remittances in December marks the ninth consecutive month in 2013 that personal remittances breached the $2 billion level," the central bank said in a statement.

Cash remittances coursed through banks grew by 6.4 percent on year to $22.8 billion in 2013, exceeding the Philippine central bank's projection of a 5-percent hike for the year.

Major sources of cash remittances last year were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan.

The central bank said the robust growth of remittances last year was due to the strong demand for skilled Filipino manpower abroad, particularly in the Middle East.

Preliminary data from the Philippine Overseas Employment Administration showed that 1.8 million OFWs were deployed last year.

The central bank said cash remittances supported local economic activity. It accounted for 8.4 percent of Philippine gross domestic product (GDP) in 2013.



 

BANK

CENTRAL

MIDDLE EAST

PHILIPPINE OVERSEAS EMPLOYMENT ADMINISTRATION

REMITTANCES

SAUDI ARABIA

UNITED ARAB EMIRATES

UNITED KINGDOM

UNITED STATES

XINHUA

YEAR

  • Latest
  • Trending
Latest
Recommended
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with
no session for state
no session for code
no session for id_token
no session for user