$1.14 billion in May, its highest monthly growth level since June last

year, the Bangko Sentral ng Pilipinas reported yesterday.

This brought total remittances in the first five months of the year to

$4.9 billion, up by 14.8 percent from a year earlier. The government

expects the full‑year remittance total to be at least 10 percent above

the record of $10.7 billion in 2005.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said continued

demand for Filipino workers as well as more efficient banking services

helped boost the remittance figures.

"It is expected that with the recent linkup of the three major automated

teller machine (ATM) networks, beneficiaries of overseas workers will

have increased access to financial services provided by commercial

banks, encouraging utilization of formal channels for remittance

transfers," Tetangco said.

Preliminary data from the Philippine Overseas Employment Administration

showed that the total number of deployed workers rose by 12.5 percent in

May.

For the first five months, sea‑based workers deployed abroad increased

by 15.1 percent to 115,557 versus a year ago even as land‑based workers

declined by 3.6 percent to 350,705 during the same period.

The OFWs likewise wired in more money in May to take advantage of the

foreign exchange rate.

After peaking at 50.88:$1 in March, the peso depreciated past the 53

barrier in May, thus allowing OFW beneficiaries to get more pesos for

their dollars.

The bulk of the OFW remittances came from the United States, Saudi

Arabia, Italy, United Kingdom, Japan, Hong Kong and the United Arab

Emirates, Tetangco noted.

The Philippines is now the world's third biggest recipient of migrant

remittances next to India and Mexico.

To handle the growing cash transfers from Filipinos abroad, Philippine

banks continue to strengthen their capacity.

Bankers said the strong remittance flows were also due to the fact that

a big portion of Filipinos leaving for abroad consisted of highly paid

professionals such as doctors, nurses and information technology experts.

The bulk of the OFW remittances came from the United States, Saudi

Arabia, Italy, United Kingdom, Japan, Hong Kong and the United Arab

Emirates, Tetangco noted.

The Philippines is now the world's third biggest recipient of migrant

remittances next to India and Mexico.

To handle the growing cash transfers from Filipinos abroad, Philippine

banks continue to strengthen their capacity.

Bankers said the strong remittance flows were also due to the fact that

a big portion of Filipinos leaving for abroad consisted of highly paid

professionals such as doctors, nurses and information technology experts.