These are OFW cash sent through the banks, which is about 80 percent of total fund transfers. The rest are coursed through so-called informal channels, or the "padalas" system and door-to-door delivery services.

BSP Governor Amando M. Tetangco Jr. said the remittance business is improving, due in part from banks’ efficient delivery services and aggressive marketing campaign, which compensated for the decline in the deployment of more workers overseas.

"Commercial banks stepped up their drive to service the banking needs of the growing number of Filipinos working overseas which include, among others, faster means of remittance transfers and more remittance centers and tieups abroad," said Tetangco. He also observed that more remitters are investing these funds in Philippine assets such as real estate and condominiums.

"These positive developments more than compensated for the dampening impact of decreased deployment of OFWs," the BSP chief added. Preliminary data from the Philippine Overseas Employment Administration showed that for the month of January the total deployment dropped 7.2 percent to 98, 971. Deployment of land-based workers, for example, decreased 9.8 percent to 77, 931 although sea-based workers grew by 3.9 percent to 21, 040.