OFW remittances up to $13.7 billion in 5 months of 2019

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By Rose de la Cruz

 

Land-based overseas Filipino workers with contracts of one year or more contributed substantially to the growth of OFW remittances during the first five months of 2019, to $13.7 billion.

 

In May alone, remittances rose to $2.9 billion, a 5.5 percent increase from $2.7 billion for the comparative period in 2018.

 

On a cumulative basis, OFW remittances for January-May 2019 increased by 4.1 percent reaching $13.7 billion from last years' level of $13.2 billion, said Bangko Sentral ng Pilipinas Gov. Benjamin E. Diokno today. 

The steady growth in personal remittances during the first five months of 2019 drew support from the remittance inflows from land- based OF workers with work contracts of one year or more, which aggregated to $10.5 billion from $10.2 billion. Inflows from the compensation of sea-based workers and land-based workers with short-term contracts also contributed to this growth and totaled $2.9 billion from $2.7 billion in 2018.


Likewise, cash remittances from OFs coursed through banks rose to $2.6 billion in May 2019, a 5.7 percent increase, from $2.5 billion a year ago. This brought cash remittances for the period January - May 2019 to reach $12.3 billion, 4.5 percent higher than the $11.8 billion recorded in the same period last year.

 

Cash remittances from land-based and sea-based workers increased by 3.2 percent at $9.7 billion and 9.2 percent at $2.7 billion, respectively, during the first five months of 2019.

 
By country source, the US registered the highest share of overall remittances for January to May 2019 at 36 percent. It was followed by Saudi Arabia, Singapore, United Arab Emirates, the UK, Japan, Canada, Hong Kong, Qatar and Kuwait. The combined remittances from these countries accounted for 78 percent of total cash remittances from January to May 2019.