MANILA, 30 June — The Middle East remains the top destination of Overseas Filipino Workers (OFWs) but in terms of dollar remittances, they continued to lag behind the other regions. Data from the central bank (BSP) show that dollar remittances from OFWs in the Middle East in the first two months of the year totaled $110.50 million. Remittances from Africa totaled $493,000.
In contrast, remittances originating from the Americas, mainly from the United States and Canada, totaled $497.56 million in those two months.
From Asia (largely Japan, Hong Kong and Singapore) amounted to $167 million, those from Oceania (mainly Australia) reached $2 million.
Mideastern OFWs, however, bested those in Europe, whose remittances amounted to $58.75 million.
The figures, however, comprised only those sent through banking channels. Not included are those being sent through underground door-to-door services, those brought home personally by OFWs, or those sent through relatives and friends.
OFW remittances during the first two months of the year totaled $849.03 million, with $145.51 million sent by sea-based workers and $703.51 million sent by land-based workers.
The proportion of remittances from sea-based workers and those from land-based workers were the same in most places except in the Middle East, where all of the money sent out originated from land-based workers.
If the amount of remittances sent in January and February remains constant during the entire year, the amount could reach $5.09 billion, which is lower than last year’s total of $6.05 billion or 1999’s $6.79 billion remittances.
But Bangko Sentral officials expect the remittances to reach $7 billion this year, especially with the decline of the peso’s value as against the dollar. It is currently averaging P52 to $1. Officials have noted that that dollar remittances surge during the last quarter of the year when OFWs send more of their earnings to their families in preparation for the Christmas season.
