Personal Remittances climb to $25.7 Billion for 10 months of 2017

 

By Bianca Belacho

 

Personal remittances by 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, Ir. said.

 

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

 

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.

 

For the first ten months of 2017, cash remittances reached $23. I billion, or a 4.2 percent increase compared to the $22.I 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.

 

As defined in the Balance of Payments Manual, personal remittances represent the sum of net compensation of employees (i. e. , gross earnings of overseas Filipino (OF) workers with work contracts of less than one year, including all sea-based workers, less taxes, social contributions, and transportation and travel expenditures in their host countries), personal transfers (i. e. , all current transfers in cash or in kind by OF workers with work contracts of one year or more and other house-to-house transfers between Filipinos who have immigrated abroad and their families in the Philippines), and capital transfers between households (i.e., the provision of resources for capital purposes such as for construction of residential houses, between resident and non-resident households without anything of  economic value being supplied in return). The BSP started to release data on personal remittances in June 2012.

 

 

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.

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