OFW REMITTANCES
Sources: BSP, IFAD, IDB, IMF,
NSO
Last updated: December 14, 2007
OFW remittance trends
- OFW remittances
have doubled over the past few years. From around $6
billion in 2000-2002, it rose to more than $12
billion in 2006.
- OFW remittances
from January-October 2007 are 15.2% higher compared
to the remittances for the same period in 2006.
- Since early 2006,
OFW remittances have been averaging over $1 billion
every month.
factors in the increase of OFW
remittances
- continued deployment of
Filipino workers overseas, as demand for Filipino workers in the
international labor market remains strong
- in an effort to encourage more
OFWs to send their remittances via formal (banking) channels,
financial institutions continue to expand banking services, establish more remittance centers
abroad, and tie up with foreign financial institutions for the banking needs of OFWs
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OFW REMITTANCES
COURSED THROUGH BANKS
Source: BSP
YEAR |
AMOUNT (in US$) |
2000 |
6,050,450,000 |
2001 |
6,031,271,000 |
2002 |
6,886,156,000 |
2003 |
7,578,458,000 |
2004 |
8,550,371,000 |
2005 |
10,689,005,000 |
2006 |
12,761,308,000 |
Jan-Oct 2006 |
10,297,833,000 |
Jan-Oct 2007 |
11,865,982,000 |
|
- Migrants from developing countries sent home
more than $300 billion worth of remittances in 2006, according
to a study by the International Fund for Agricultural
Development (IFAD) and the Inter-American Development Bank (IDB).
OFW remittances in 2006 accounted for approximately 4.25% of
this $300 billion.
- The International Monetary Fund cited the
Philippines as the third largest recipient of remittances among
developing countries (behind India and Mexico) in its World
Economic Outlook Report in 2005. The study compared remittance
statistics of various developing for the period 1999-2003.
Majority of OFWs course their remittances in cash and
through banks.
- types of remittances sent by
OFWs:
- cash sent - 74.4%
- cash brought home - 21%
- remittances in kind - 4.6%
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- of the total cash remittance
sent,
- sent through banks - 79.3%
- sent through door-to-door
- 13.2%
- sent through other means
(sent through the agency/ local office, friends/co-workers,
etc.) - 7.5%
|
Source: 2006 Survey on Overseas
Filipinos |
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