UAE remains one of the top sources for the Philippines when it comes to receiving remittances from the overseas Filipino workers (OFW) living there. In terms of percentage jump in the amount of money sent through banks and fifth in real value the country comes as the fourth host country. In an estimate, At least 450,000 UAE-based Overseas Filipino Workers (OFWs) sent home a total of Dh383.1 million (US$104.3 million) for January and February, up 26.5 per cent from Dh302.6 million (US$82.4 million) a year ago. UAE follows Singapore, Australia and the UK in having the biggest percentage rise in remittances. The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has said the data do not reflect the true amount of remittances because most exchange bureaux in host-countries course the money through correspondent banks in the US.
One of the interesting results thrown up by the data is that there has been a rise in the number of highly skilled workers working in the foreign countries. This is directly linked to another phenomenon that is, the growing interest among the workers in sending money back home for investment. OFWs in the UAE, Saudi Arabia and Kuwait sent home a total of Dh1.4 billion (US$389.9 million) in the first two months, an 11. 2-per cent rise from the Dh1.3 billion (US$350.5 million) posted during the same months last year. The World Bank said in a recent report that last year the Philippines received Dh47.7 billion (US$13 billion) worth of remittances from both formal and informal channels, making the country of 86 million people the world’s fourth-biggest recipient of remittances after India, China and Mexico.
Tags: Bangko Sentral ng Pilipinas, OFW, Philippines, Remit2Home, Remittance, UAE
