MANILA — Cash remittances of overseas Filipino workers is expected to increase in 2017.
Bangko Sentral ng Pilipinas (BSP) believes so after cash remittances have increased by 8.6 percent at the start of 2017.
Based on preliminary data from the BSP, the amount of remittances recorded in January 2017 has reached 2.169 billion U.S. dollars which is greater than the 1.997 billion U.S. dollars in the same period last year.
Remittances from Filipinos based in oil-producing countries like Qatar, one of the biggest oil producers in the world, contributed a lot.
“We should also expect steady or stable demand for our overseas Filipino workers particularly in the Middle East, the oil-producing, oil-exporting countries. Especially the skills diversification of our overseas workers, and new markets that have been developed in the last few years,” said BSP Deputy Governor Diwa Guinigundo.
According to BSP, the growth of the business process outsourcing (BPO) industry in the Philippines can also contribute to the dollar remittances.
“The expansion is the question. The uncertainty is whether they will expand or not, but I don’t think they will pull out and they will remain,” said Guinigundo.
Bangko Sentral ng Pilipinas believes that the government’s campaign against illegal drugs and criminality contributes to the increase of foreign investors in the country since peace and order is a big issue for them. — Mon Jocson | UNTV News & Rescue