Remittances hit $23.2-B in 3rd quarter

By Rose de la Cruz

REMITTANCES of overseas Filipinos hit $23.2 billion from January to September 2017 up by 4.8 percent year on year, the bulk of which came from land-based Filipino workers with contracts of one year and those of house to house transfers. 

Bangko Sentral ng Pilipinas (BSP) Gov. Nestor Espenilla Jr. said remittances of land-based OFs with work contracts of one year or more including other house to house transfers rose by 5.1 percent to $18.4 billion, while those from sea-based and land-based OFs with work contracts of less than one year likewise increased by 3.5 percent to $4.8 billion for the same period. 

However, personal remittances in September (at $2.3 billion) were 7 percent less than the level of the comparative period last year. 

 

3.8 percent growth

For the first nine months of 2017, cash remittances from OFs coursed through banks recorded 3.8 percent growth from the level posted in the same period a year ago, reaching $20.8 billion. Cash remittances from land-based and sea-based workers grew by 3.8 percent and 3.5 percent to reach $16.4 billion and $4.4 billion, respectively. 

For September alone, total cash remittances fell by 8.3 percent year-on-year to $2.2 billion. 

This was attributed to the 11.7 percent drop in cash remittances from land-based workers which offset the 6 percent increase in transfers from sea-based workers. 

There are reports that a number of global correspondent banks have closed their service facilities on money service business (MSB), reflective of the increasing global trend where personal remittances represent the sum of net compensation of employees (i.e., gross earnings of overseas Filipino (OF) workers with work contracts of less than one year.

The trend also  includes all sea-based workers, less taxes, social contributions, and transportation and travel expenditures in their host countries), personal transfers (i.e., all current transfers in cash or in kind by OF workers with work contracts of one year or more.

Likewise, other household-to-household transfers between Filipinos who have migrated abroad and their families in the Philippines), and capital transfers between households (i.e., the provision of resources for capital purposes, such as for construction of residential houses, between resident and non-resident households without anything of economic value being supplied in return). 

The BSP started to release data on personal remittances in June 2012 that reduce correspondent banking relationships and focus more on home market. This may have partly affected remittances flows during the month.

 

Biggest declines

The countries that registered the biggest declines in cash remittances in September were Saudi Arabia, Kuwait, Qatar, and Australia. 

For Saudi Arabia, the decline in remittances could partly be the result of the continued repatriation of OF workers under the Saudi Arabian Amnesty Program which started last March 2017. 

Last September, the Saudi government extended the amnesty program anew and a total of 8,467 undocumented Filipinos already availed of the initial offer, according to the Department of Foreign Affairs.

Cash remittances coming from the United States (US), Saudi Arabia, United Arab Emirates (UAE), Singapore, Japan, United Kingdom, Qatar, Kuwait, Germany and Hong Kong comprised about 72 percent of total cash remittances in the first nine months of 2017.

 

Like us in Facebook

Features

Latest News

Remittances surge to $10.4-B in 1st 4 months of 2018

    By Rose de la Cruz   Remittances from overseas Filipinos rose to $10.4 billion in January to April 2018, up by 4 percent hitting $2 billion... Read More...
BOP deficit to worsen to $3.1 billion in 2018

  By Rose de la Cruz   The Bangko Sentral ng Pilipinas projected that the balance of payment this year would worsen to $3.1 billion, equivalent to... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Wrong Dream Girl and Other Laughs

Wrong Dream GirlA FROG telephones the Psychic Hotline. His Personal Psychic Advisor tells him, "You are going to meet a beautiful young girl who will... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE PAGIGING MAKABAYAN

KAMAKAILAN ay tumawag ng atensyon ang plano ni Sen. Manny Pacquiao na maghain ng panukalang batas na naglalayon na isama bilang bahagi ng curriculum... Read More...
IMAGE PUTULIN ANG MONOPOLYO NG MERALCO!

SUPORTADO nang ibat-ibang consumer group kabilang na ang Institute for Consumer Research and Empowerment (ICORE) ang panukalang dapat putulin na ang... Read More...

Our Guests

Today100
Yesterday778
This week2373
This month15187
Total977820

Visitor Info

  • Your IP: 54.145.103.69

Who Is Online

28
Online

Wednesday, 20 June 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.