{"id":89876,"date":"2017-02-16T19:10:18","date_gmt":"2017-02-17T00:10:18","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=89876"},"modified":"2017-02-16T19:10:18","modified_gmt":"2017-02-17T00:10:18","slug":"ofw-remittances-reach-record-high","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/02\/16\/ofw-remittances-reach-record-high\/","title":{"rendered":"OFW remittances reach record high"},"content":{"rendered":"
\"(Photo:<\/a>
(Photo: Bar Fabella\/Flickr.com<\/a>)<\/figcaption><\/figure>\n

The Bangko Sentral ng Pilipinas (BSP) reported a 5% growth in OFW remittances, surpassing its 4% growth target. It has been reported that remittances amounted to $26.9 billion last year compared to 2015\u2019s $25.61 billion.<\/span><\/p>\n

According to BSP Deputy Governor Diwa Guinigundo, land-based remittances increased to 7.6% to $21.3 billion while sea-based remittances decreased to 3.8% to $5.6 billion and this is due to the lower demand and slim competition for seafarers.<\/span><\/p>\n

Major sources of remittances in Asia are Singapore, Japan, China and Taiwan. Regional remittance increased 7.4%.<\/span><\/p>\n

Leading sources in the Middle East are Qatar, Kuwait, Oman and the UAE as the region boosted 12% while US remittances expanded 3.8%.<\/span><\/p>\n

However, an 8.4% decline was observed in Europe following the weakening of the British pound during Brexit. <\/span><\/p>\n

Guinigundo said that the increase from the other regions was enough to offset the decline in Europe.<\/span><\/p>\n

The biggest sources are the US, Qatar, and Japan.<\/span><\/p>\n

Personal remittance, on the other hand, refers to contracts that for less than a year, amounted to $2.82 billion from $2.73 billion in December alone. <\/span>
\nThere are over 10 million Filipinos around the world and remittances account for 9.8% of the country\u2019s total GDP.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bangko Sentral ng Pilipinas (BSP) reported a 5% growth in OFW remittances, surpassing its 4% growth target. It has …<\/p>\n","protected":false},"author":33,"featured_media":89877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1145,95],"tags":[1216,971,5601],"class_list":["post-89876","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-headline","category-news-ph","tag-bangko-sentral-ng-pilipinas","tag-ofw","tag-remittances","mauthors-phoebe-balubar","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/89876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=89876"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/89876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/89877"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=89876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=89876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=89876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}