OFW remittances: Where the money comes from
July 01 2014 | BY : jagged-dev

(Via:  Rappler)

MANILA, Philippines – Overseas Filipino workers (OFW) are often called modern day heroes by the motherland because they are willing to risk it all to support their families back home. The remittances they yield strengthen the economy, provides for the government spendings, and other social assistance. (READ: Philippine economy can’t do without OFW remittances – Neda)

Data from the Philippine POEA (Philippine overseas Employment Administration) show that OFWs with land-based jobs total 1,435,166, while those with sea-based occupation total 366,865.

Below is a table showing the 10 countries where most OFWs are deployed and the amount they remitted to the Philippines in thousands US dollars in 2012:

Location 2012 Land-based Population (New Hires and Rehires) 2012 (Land-based OFW Remittances in Thousand U.S. Dollars) 2012 (Sea-based OFW Remittances in Thousand U.S. Dollars) Total Remittances
Saudi Arabia 330, 040 1, 724, 663 3, 930 1, 728, 593
United Arab Emirates 259, 546 942, 301 18, 671 960, 972
Singapore 172, 690 656, 983 208, 521 865, 504
Hong Kong 131, 680 322, 453 97, 754 420, 207
Qatar 104, 622 321, 443 132 321, 443
Kuwait 75, 286 154, 289 2, 832 157, 121
Taiwan 41, 492 165, 292 2, 687 167, 979
Malaysia 38, 407 142, 830 22, 784 165, 614
Italy 25, 261 393, 869 33, 423 427, 292
Bahrain 22, 271 166, 596 16 166, 612

Note: POEA data only accounts for land-based workers

Saudi Arabia not only ranked as the country with the most land-based OFWs hired, but it also was where most remittances came from, totaling $1.72 billion. The total included those remitted by sea-based workes.

Next on the list was the United Arab Emirates with a land-based OFW population of 259,546 and total land based remittances of $942 million.

In terms of sea-based remittances, Singapore contributed $208.52 million.

Bahrain, with a land-based OFW population of 22,271, accounted for a total of $166.61 million in remittances. This was higher than Malaysia’s $165.61 million and Kuwait’s $157.12 million, although these two countries had higher OFW population.

Italy, which had the 9th biggest population of OFWs (25,261), sent remittances totalling $ 427.29 million, higher than Hong Kong’s $322.45 million when it had the 3rd highest OFW population. – Research by Loren Bustos/Rappler.com

Sources: Philippine Overseas Employment Agency (POEA) and the Bangko Sentral ng Pilipinas (BSP)