iMoney.my Learning Centre
  • All Categories

    All Categories

    Close
    • Latest Articles
    • Go to iMoney.ph
    • Banks
    • Broadband
    • Car Insurance
    • Car Loan
    • Careers
    • Credit Card
    • Credit Score
    • Debit Card
    • Debt
    • Education
    • Employment
    • Entrepreneurship
    • Fame and Fortune
    • Finance Quotes
    • General Money Saving
    • Health Insurance
    • Home Loan
    • Infographic
    • Insurance
    • Investment
    • Lifestyle
    • Money Ideas
    • Money Management
    • Most Popular Articles
    • News
    • Online Business
    • Online Security
    • Personal Accident Insurance
    • Personal Loan
    • Retirement
    • Review
    • Savings Account
    • Sponsored
    • Taxes
    • Time Deposit
    • Travel and Transport
    • Travel Insurance
  • Credit Card
  • Money Management
  • Lifestyle
  • Money Ideas
  • Guides
  • Go to iMoney.ph

Where Do The Most OFW Remittances Come From? [Infographic]

June 9, 2015
Infographic, News
Share this!
  • Share
  • Tweet
  • Email
  • WhatsApp

The-Top-Remitting-Countries-To-The-Philippines-In-2014

Written by imoney

In 2014, OFWs around the world sent 6.2% more remittances back to the Philippines than in 2013, the Bangko Sentral ng Pilipinas (BSP) has reported. Total remittances reached $26.92 billion (P1.20 trillion), as compared to $25.35 billion (P1.13 trillion) the year before. This is a record high, according to the central bank authorities.

To break it down further, land-based workers remitted $18.7 billion (P834.96 billion), while seafarers remitted $5.6 billion (P250.04 billion).

The Philippine Overseas Employment Administration has said that 1.6 million Filipinos were deployed abroad in 2014, as job orders increased by 10.7% to 878,609. The BSP has said that around 43% of these job orders were for for service, production, professional, technical and related workers in Saudi Arabia, Kuwait, the United Arab Emirates, Taiwan and Qatar.

Overall, in 2014 the Philippines was third in the world at receiving remittances, behind India and China at first and second respectively, based on statistics from the World Bank. Remittances also contributed 8.5% to the country’s Gross Domestic Product (GDP) last year. To find out where OFW remittances to the Philippines come from, and the top 20 remitting countries to the Philippines, check out our infographic below.

While 2014 was a banner year for remittances, in the first two months of 2015, remittances were up by just 2.4%, one of the weakest growth rates for remittances in years. This could be due to the lower oil income and scaling down of projects in the Middle East, where a significant amount of OFWs are based. Continued economic weakness in other countries, especially the developed ones, may also slow down the rate of remittances back to the Philippines.

“The government should realize that it cannot forever depend on OFW remittances to fuel or sustain consumption-induced economic growth,” says a report from the Philippine Daily Inquirer.

Share this article

Share this!
  • Share
  • Tweet
  • Email
  • WhatsApp

Leave your comment

Infographic
Guide to Pag Ibig loan

Step-By-Step Guide On How To Get A Pag-IBIG Loan [Updated]

Philippines’ 10 Richest In 2020 [Updated]

The NOT To-Do List When Travelling Overseas

What Is Your Credit Card Telling You?

How Much Do Weddings Cost In The Philippines? (An Infographic)

Cost of First Date in Manila Infographic thumbnail

How Much Does It Cost To Have A Date In Manila?

How Can A Growing Business Stay One Step Ahead?

contactless payments

Everything You Need To Know About Using Contactless Payment Credit Cards

View more infographics »
iMoney.myLearning Centre
Back to top

iMoney.ph is a leading financial comparison website and a trusted personal finance authority to help you make the most out of your money.

  • Facebook
  • Twitter
  • Instagram
  • Youtube
  • Go to iMoney.ph
  • Privacy Policy
  • Disclaimer
  • Corporate

© 2023 iMoney.ph