OFW remittances data from Bangko Sentral ng Pilipinas

According to BSP Deputy Gov. Diwa Gunigundo, the widespread political uprising in the Middle East region might have a negative impact on OFW remittances. She said that BSP is monitoring on the situation on the OFW remittances considering the bulk of remittances came from Middle East.

  Last year the total OFW remittances reached to $18.76billion and 16 percent of the total OFW remittances were from the contributions of Filipino workers in the Middle East area. 

 Here is the breakdown of Middle East OFW remittances:

 1. Saudi Arabia - $1.644billion 

2. United Arab Emirates - $776.3million 

3. Qatar - $248.8million 

4. Bahrain - $167.28million 

5. Kuwait - $106.5million 

6. Israel - $67.3million 

7. Oman - $66.76million 

 Other countries: 

 European Countries - $3.18billion 

 American countries - $9.98billion 

Asian countries - $2.36billion

Bangko Sentral ng Pilipinas Interactive Portal for OFWs'

TheBangko Sentral ng Pilipinas (BSP) has created an interactive portal that willlink overseas Filipino workers, balikbayan, expats, immigrants and other users toinformation on the different Philippine banks and non-bank remittance companiesin the Philippines.

BSPinitiates this interactive link to protect OFWs' money against scam and bogus remittancecenters.

Byusing the BSP interactive portal you could find the legitimate remittancecenters, location of their branches abroad, foreign bank correspondents,products and services and charges/fees for remittance services to any part ofthe Philippines

Theportal link will then link you to the webpage on your bank's website whichcontains further details on the chosen category.

 Using the BSP interactive portal you can verifythe legitimacy of the remittance centers located in your host country.

ThePhilippine government recognizes the fruitful efforts of the overseas Filipinoworkers by their money remittances. For a total of 9 million OFWs' worldwideremittances has certainly make the Philippines economy steady and farmore competitive in other Asian currencies.

 As a virtue of that humble recognition BSPcame up with this very useful interactive portal.

Click: BSP Interactive Portal