Remittances hit $25.1B in 2013-A A +A
Monday, February 17, 2014
PERSONAL remittances from overseas Filipinos (OFs) grew to $25.1 billion in 2013, 7.6 percent higher than a year ago level, the central bank said Monday.
For December alone, remittances registered a new record high of $2.4 billion, up by 12.5 percent compared to the same month in 2012, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.
He attributed the sustained rise in personal remittances last year from the robust growth in remittances of land-based workers with work contracts of one year or more and transfers of sea-based workers and land-based workers with short-term contracts.
Cash remittances from OFs coursed through banks reached the highest level to date of $2.2 billion in December 2013, representing a 9.1 percent increase from the level registered in the same period a year ago.
For full-year 2013, cash remittances posted a 6.4 percent increase to reach $22.8 billion, exceeding the BSP’s projection of five percent growth for the year.
The major sources of cash remittances were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan, Tetangco said. (SDR/Sunnex)