ASEAN KEY DESTINATIONS
Personal remittances recover in May
Personal remittances grew from a month and the year earlier figures in May, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.
The total amount of money sent home by overseas Filipinos (OFs) went up 7.1 percent to $2.588 billion in May from $2.317 billion in April and from $2.416 billion in May 2016
The remittance numbers in April were the lowest in over a year, due to a drop in money transfers from land-based workers in Saudi Arabia, Singapore, Australia and the United Kingdom.
"Personal remittances from land-based workers with work contracts of one year or more grew by 5.9 percent to compensate for the 0.6 percent decline in remittances from sea-based and land-based workers with work contracts of less than one year on the same period a year ago," the BSP said.
May's figures brought the year-to-date personal remittances to $12.613 billion, up from $11.993 billion a year earlier.
In terms of cash remittances, the BSP said OFs transferred $2.310 billion in May, up 5.5 percent from $2.083 billion in April.
"Cash remittances from land-based workers grew by 5.9 percent to $9.0 billion, while transfers from sea-based workers declined by 0.6 percent to $2.3 billion," the BSP said.
Eighty percent of the remittances were from the United States, Saudi Arabia, United Arab Emirates (UAE), Singapore, Japan, United Kingdom, Qatar, Kuwait, Canada and Germany.
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