AbroadIndians.com - indians in UAE, used cars for sale in UAE, furniture for sale in UAE, household items, buy sell mobile phones, used mobile phones in UAE, buy sell computers laptops, used computers laptops, accommodation sharing in UAE, flats apartments for rent in UAE, hotels in UAE, hotel accommodation in UAE, jobs in UAE
friday market
Post Reply Subscribe
Post # 1
Demand for Filipino expat workers from Gulf boosts remittances
Demand for Filipino expat workers from Gulf boosts remittances

Money transfers from Filipinos worldwide reached $8.6 billion in April

Dubai:  The steady demand for Filipino expatriate workers from several countries in the Gulf, including the UAE and Saudi Arabia, has pushed the value of remittances to the Philippines higher during the first few months of the year, according to a new report.

According to the Philippines’ central bank governor Amando Tetangco on Monday, the amount of money sent home by Filipinos from around the world reached $8.6 billion during the first four months of 2015, an increase of 5.1 per cent from a year ago.

The major sources of money transfers were Saudi Arabia, UAE, United States, United Kingdom, Singapore, Japan, Hong Kong and Canada.

“The steady demand for skilled Filipino manpower overseas provided support to the continued growth in remittance inflows,” the central bank said in a statement.

The Philippine Overseas Employment Administration (POEA), which oversees  the employment of Filipinos abroad, approved a total of 310,727 job orders between January and April 2015. A huge proportion of that (33.8 per cent) were job orders for service, production and professional, technical and related workers in Saudi Arabia, Kuwait, Qatar, Taiwan and UAE.

A separate report released earlier by Kuwait Financial Centre Markaz noted that remittances by Filipinos from the UAE  amounted to $3.4 billion last year, one of the highest outflows from this market (after Indians and Pakistanis).

Overall, the bulk of the personal remittances to the Philippines (74 per cent) came from Filipino working expatriates who have contracts of one year or more, which amounted to $6.4 billion, while 24 per cent came from those with work contracts of less than one year ($2.1 billion).

Nearly two per cent of the remittances were other household-to-household transfers such as those from expatriates forwarding funds to their relatives in the Philippines ($0.2 billion).

The Philippines’ central bank said that cash remittances from land-based ($5.9 billion) and sea-based ($1.9 billion) Filipino workers from around the world increased by 5.3 and 5.6 per cent, respectively.



Quick Reply

You must login to post reply.
Like Us on Facebook