DUBAI – After slow remittance transactions in July, exchange centers are picking up again this month.
“As per our data, there was a decrease [in remittance transactions] last July but it is picking up this August,” Michelle Sanchez, Head Corridor Marketing – Philippines, told Kabayan Weekly.
However, in comparison to last year’s data, figures this year are relatively higher. The Filipina shared that the volume did not change much and was relatively the same, however, there was an increase in the count for sure.
“We increased by two percent,” she mentioned.
The UAE Exchange Center official confirmed that the month of June was the highest of Filipinos sending money to the Philippines as schools have commenced during that month.
According to Bangko Sentral ng Pilipinas (BSP) Gov. Nestor A. Espenilla Jr. said in an inquirer.net report that there was a 5.7 percent growth in cash remittances last June from US$ 2.334 billion (AED 8.573 billion) a year ago.
“The sustained increase in overseas Filipinos’ remittances was supported by stable demand for skilled Filipinos abroad. Preliminary data from the Philippine Overseas Employment Administration showed that for the period January to June 2017, the total number of deployed OFWs reached 1,140,226, which is already more than 50 percent of the total number of OFWs deployed for the year 2016 at 2,112,331,” he was quoted as saying in the report.
Cash remittances from land-based and sea-based worker grew 3.8 percent to US$ 1.9 billion (AED 6.98 billion) and 13.3 percent year-on-year to US$ 500 million (AED 1.836 billion).
BSP stated that UAE is also one of the top contributors to remittance growth in June together with Hong Kong, Singapore, and the United States of America (USA).
However, the combined four-fifths of end-June total remittances were from Germany, Hong Kong, Japan, Kuwait, Qatar, Kingdom of Saudi Arabia (KSA), Singapore, United Kingdom, USA and the UAE.
The cash remittances are expected to hit US$ 28 billion (AED 102.84 billion) by the end of this year maintaining a four percent remittance growth target for 2017.
As of Tuesday, August 15, the dirham traded for PhP 13.9 according to the UAE Exchange Center.