Remittances from Overseas Filipino Workers reach a new record

Remittances from Filipinos living and working overseas grew faster than expected in 2012, reaching a new record high of USD 21.391 billion. This was reported by the BSP Bangko Sentral ng Pilipinas on February 15, 2013.

The bulk of remittances, money sent home by overseas Filipinos through formal channels, expanded by 9,7 % year-on-year to a new record.The US remained the top source of remittances, covering 42,6 % of the total. It was followed by Canada (9,2 %), Saudi Arabia (8,1 %), UK (5 %), Japan (4,7 %), UAE (4,5 %) and Singapore (4,1 %). The bulk of remittances were sent by land-based workers, who remitted an aggregate amount of USD 16,6 billion, against seafarers' USD 4,8 billion, central bank figures also showed.

The large amount of remittance has also helped to bolster peso strength. The peso was Asia's second best performing currency against the greenback last year.