2020/4/2

Thanks to the steady demand of the global labor market MLC overseas MLC remittances in the Philippines in February this year, an increase of 5.8 percent over the same period last year, reaching $ 1.6 billion.

A report of the Central Bank of the Philippines pointed out that 76.1% of the overseas MLC remittances from land-based MLC, up to $ 1.2 billion, while the remaining 23.9% from the MLC at sea, up to $ 400,000,000.

Through which overseas MLC remittance banking system to repatriate the Philippines, 86.3% from the United States, Canada, Saudi Arabia, Japan, the United Kingdom, Singapore, Arab Emirates, Italy, Germany and Hong Kong.

Overseas the MLC remittance amount makes the first two months of this year cumulative MLC remittances to reach $ 3.1 billion in February, 5.6 percent higher over the same period last year.

Thai Tan, president of the Central Bank of the Philippines Branch (Amando TetangcoJr) said that the continuous influx of remittances from overseas MLC, effective on MLC continued demand in the global labor market, as well as the domestic banking industry continued to expand remittance strongholds.

According to the Department of Labor Overseas Employment Department data indicate that, from January to March of this year, job orders is growing year by year 24.6% cited Thai Tan Branch, put in more professional, technical, service and manufacturing industries, employing primarily countries, including Saudi-Arabia United Arab Emirates, Qatar, Taiwan, Kuwait, Singapore and Hong Kong.

Overseas the MLC remittances accounting for 10% of the Philippine gross domestic product (GDP), is also a major force behind private consumption.

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