DUBAI: Remittances from the estimated 750,000 overseas Filipino workers (OFWs) in the United Arab Emirates (UAE) totalled $2.11 billion last year, which is some 30 percent of the total $5.98 billion sent home from the Middle East region, said Gemmy Lontoc, UAE Exchange’s head for its Southeast Asia corridor.
This, officials said, partly explains why major real estate developers, in an apparent bid to more effectively market their products, have established satellite offices in Dubai and Abu Dhabi.
Among these companies are Ayala Land Inc., Ortigas & Co., DMCI Homes, Greenfields, Greenfield Development Corp., and SMDC
OFWs in the UAE have been sending home an average of $1.61 billion a year since 2013 when remittances from the country hit the $1 billion mark, according to data from the Central Bank of the Philippines (CBP).
Remittances from the UAE was at $621.23 million in 2008, a figure that went up to $644.82 million in 2009. A year later in 2010, remittances were at $775.23 million; in 2011, it was $877.98 million; 2012 remittances were at $960.97 million.
The amount sent home from UAE increased to USD1.26 billion in 2013 then plateaued at $1.78 billion in 2014 and 2015, still according to CBP.
Last year’s remittances from the UAE comprised 29.76 percent of the $5.98 billion total remittances from the Middle East.