Philippine remittances up 6.8% in January

Remittances from overseas Filipino workers (OFWs) went up by 6.8 percent on year to 2 billion U.S. dollars in January, the local central bank said Monday. The Philippine central bank said the continued deployment of OFWs and the increase in their cash transfers boosted remittances during the period. Cash remittances coursed through banks rose by 5.9 percent on year to 1.8 billion U.S. dollars. Major sources of cash remittances in January were the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Canada, and Japan. The local central bank said remittance flows remained strong due to the sustained demand for Filipino manpower overseas. Data from the Philippine Overseas Employment showed there were 75,348 approved job orders in January of which 32.1 percent or 24, 187 were processed. Last year, remittances from OFWs went up by 7.6 percent on year to a record high of 25.1 billion U.S. dollars. The local central bank is targeting to increase cash remittances by 5 percent this year.