Metro Manila (CNN Philippines) — Personal remittance from overseas FIlipinos in May grew by 5.5% ($2.3 billion) year-on-year, according to figures from the Bangko Sentral ng Pilipinas (BSP). The figure is slightly faster than April’s 4.9% expansion.
Total remittances for the first five months of the year have subsequently reached $11 billion — 5.2% higher compared to the same period a year ago.
The BSP credits the increase to a stronger growth in funds from land-based workers with contracts of at least one year (5.9%), and sea and land-based workers with short term contracts (4.1%).
Cash remittances coursed through banks are also up 5.8% year-on-year at $2.1 billion. In effect, cash remittances from January to May are up 5.4% compared to same period last year, reaching $9.9 billion.
Cash from land-based ($7.5 billion) and sea-based ($2.4 billion) workers grew by 5.9% and 4.1%, respectively. According to the BSP, the major sources of such funds were the U.S., Saudi Arabia, the United Arab Emirates, the U.K., Singapore, Japan, Hong Kong, and Canada.
Citing figures from the Philippine Overseas Employment Association (POEA), the BSP noted that demand for skilled Filipino manpower abroad remained resilient. Total job orders for May reached 386,163. About 35.4% of jobs were intended mainly for service, production, and profession, technical and related workers in Saudi Arabia. Kuwait, Qatar, Taiwan, and the United Arab Emirates.
