ASEAN KEY DESTINATIONS
Remittances up by 18.4% in November
Personal remittances from overseas Filipinos grew by 18.4 percent in November 2016 on the back of the increase in transfers from land-based workers, the central bank said Monday.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said personal remittances reached $2.448 billion in November, up from the $2.068 billion the previous year.
This also compares with the $2.326 billion registered in October 2016.
"The increase in personal remittances was driven largely by the 7.8 percent expansion in transfers from land-based workers with work contracts of one year or more to reach $20.9 billion," the BSP said.
According to the BSP, this offset for the 3.6-percent decline in remittances from sea-based and land-based workers with work contracts of less than one year, totaling $5.5 billion.
During the period, cash remittances coursed through banks grew by 18.5 percent to $2.2 billion, with bulk coming from the United States, the United Arab Emirates, Japan, Saudi Arabia, and Qatar.
This brought the year-to-date cumulative remittances up by 5.1 percent to $26.9 billion, with cumulative cash remittances from land-based workers up by $1.4 billion, compensating for the $0.2-billion drop in sea-based workers' remittances amid stiffer competition.
"The improving global economic conditions, particularly in the US, may have contributed to the overall growth in remittances," the BSP said.
For the 11-month period, bulk of remittances came from the US, Saudi Arabia, UAE, Singapore, the United Kingdom, Japan, Qatar, Kuwait, Hong Kong, and Germany.
"Combined remittances from these countries accounted for more than 80 percent of the total cash remittances in the first eleven months of 2016," said the central bank.
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