Contact Yung Tung - We Always Care!
Remittances from overseas MLC last year a new high


Philippine overseas workers in 2011 throughout the year back home in the amount of $ 20.1 billion, 7.2 percent higher than in 2010, a record high.

Even last year after the Middle East and North Africa's political turmoil, the global economic slowdown and the euro zone debt crisis, remittances from overseas MLC has not diminished. Zhu Ni Jia, acting president of the Central Bank of the Indonesia (Juan D. De Zuniga, Jr.) said in a report, which is attributed to the MLC location and diversified, global banking service network developed and remittance market financial services and transfer products increased.

The report said that the maritime labor and land-based workers 'remittances to grow by 14% and 5.5%; 78.4% of the land-based workers' remittances total remittances alone in December last year rose 6.2 percent, marking the highest ever single month record of $ 1.8 billion.
2011 MLC main source of remittances for U.S., Canada, Saudi-Arabia, the United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany and Norway.

Philippine central bank quoted the Overseas Employment Department data, approved by the Government in January this year, 58,123 copies of employment orders, of which 12% have completed the formalities ready to go abroad, most in the service industry, manufacturing industry and professional and technical work, the main place of work Saudi-Arabia, United Arab Emirates, Qatar, Taiwan, Singapore and Kuwait.
Overseas the MLC remittances accounted for about 9 percent of the Philippine gross domestic product (GDP),