Filipino seafarers remit US$5.6 billion in 2014

Based on the official data of the Philippine Overseas Employment Administration (POEA), a total of 1.6 million Filipinos were deployed overseas in 2014 with 878,609 approved job orders from January to December.

The strong demand for skilled Filipino workforce has contributed to the steady growth of the cash remittances. This was supported by the Bangko Sentral ng Pilipinas (BSP) statement that cash remittances from Filipinos abroad have reached to $24.308 billion, accounting 8.5% of the country’s gross domestic product (GDP) in 2014. Major sources of cash remittances were the United States, Saudi Arabia, the United Arab Emirates (UAE), the United Kingdom, Singapore, Japan, Canada, and Hong Kong. BSP also identified that Filipino seafarers’ remittances have totaled at US$5.6 billion.

Source: Business World Online​

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