Overseas Filipinos send home $25.7B

PERSONAL remittances from overseas Filipinos (OFs) registered a 5.2 percent growth to reach $25.7 billion for the first ten months of 2017.

For October alone, personal remittances grew by 9.7 percent to $2.6 billion compared to $2.3 billion a year ago, BSP Governor Nestor A. Espenilla, Jr. announced yesterday.

Personal remittances from land-based OFs with work contracts of one year or more including other household-to-household transfers posted an increase of 4.2 percent (at $19.8 billion) and those from sea-based and land-based OFs with work contracts of less than one year increased by 4.1 percent (at $5.3 billion) for January to October of 2017.

Likewise, OFs cash remittances coursed through banks grew by 8.4 percent year-on-year to $2.3 billion in October 2017.

The top countries that contributed to the increase in total cash remittances during the month were the United Arab Emirates (UAE) and United States (US). For the first ten months of 2017, cash remittances reached $23.1 billion, or a 4.2 percent increase compared to the $22.1 billion registered in the same period in 2016.

The increase was boosted by the increase in remittances from land-based workers and sea-based workers, which both grew by 4.2 percent compared to the level posted a year ago.

Cash remittances coming from the US, UAE, Saudi Arabia, Singapore, Japan, United Kingdom, Qatar, Kuwait, Germany, and Hong Kong comprised about 80.2 percent of total cash remittances in the first ten months of 2017. (PR)

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