Remittance from overseas Filipino workers (OFWs) coursed through banks rose 8.6 percent on year to 1. 4 billion U.S. dollars in September on continued global demand for Philippine labor, the Philippine central bank reported Monday.
This brought cumulative remittances for the months of January to September to nearly 12.8 billion U.S. dollars, up 4.2 percent from last
year's.
Philippine Central Bank Governor Amando M. Tetangco, Jr. said that the steady demand for skilled Filipino workers will boost this year's
remittances.
"The deployment of Filipino workers abroad is anticipated to increase given the continuing hiring arrangements between the Philippines with existing and non-traditional labor markets," Tetangco said in a statement.
The Philippine Overseas Employment Administration reported that as of end-October, total job orders processed reached 226,260.
Philippine economic managers said remittances from OFWs cushioned the economy from the global meltdown. Remittances will also offset the damages
brought by typhoons Ketsana and Parma which damaged lives and properties in most provinces in Luzon, northern Philippines.
"Remittances could rise even further as the series of strong typhoons that hit the country in September and October could have encouraged larger
amounts of transfers from relatives based overseas with a view to assisting their families in their rebuilding efforts," Tetangco said.
The major sources of remittances were the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, the United Arab Emirates, Italy, and Germany.