OFW Remittances Grow in First Two Months of 2003

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Last updated at: (Beijing Time) Saturday, April 12, 2003

OFW Remittances Grow in First Two Months of 2003

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Remittances from Overseas Filipino Workers (OFWs) for the first two months of 2003 grew modestly by 5.5 percent to 1.141 billion US dollars from 1.081 billion dollars posted same period last year, a bank official said Friday.

The January remittance figure reached 611 million dollars and the remittances in February declined slightly by 0.3 percent from the level last year to 530 million dollars, Bangko Sentral ng Pilipinas (Central Bank of the Philippines) Officer-In-Charge Amando Tetangco said.

The increase in OFW remittances reflected in part the higher number of Filipinos leaving to work abroad, with new hires and rehired workers growing by 0.4 percent for the first two months in2003 from the level last year, Tetangco added.

Most of the OFWs are in the field of services, medical care andentertainment.

Filipino workers send home about 7 billion dollars annually, which economists say will eventually multiply into 30 percent of all consumer spending.

In 2002, dollar remittances from about seven million OFWs were estimated to have reached 7.5 billion dollars.

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