Manila, Philippines — Cash transfers hit $1.88B, up 6.5%, fastest this year, says BSP, as remittances from seafarers grew by 10.9 percent in the first quarter.
According to the central bank, the said growth in remittances was the fastest so far this year and the government expects it to grow more by 5 percent. “Robust cash transfers in the first quarter of 2014 were supported by the sustained demand for skilled Filipino manpower,” the Bangko Sentral ng Pilipinas (BSP) said.
Philippine Overseas Employment Administration (POEA) released a preliminary data from January-March of this year that approved job orders totaled 232, 022. A quarter of these were for workers in the service, production, and professional, technical sectors with land-based workers’ remittances up by 4.5% in the same period. Seafarers’ remittances, on the other hand, grew by 10.9 which is twice the pace of cash from the former.
As of the end of the first quarter, commercial banks’ established tie-ups, remittance centers, correspondent banks and branches or representative offices abroad reached 4,771 from 4,750 in the comparable period last year.
With these increasing remittances, the need for Filipino manpower abroad is also growing. In order to provide solution to this demand, Filipinos are encouraged to showcase what they have learned from technical schools including from high-quality education in a maritime training institute in the Philippines.