Remittances surge to $10.4-B in 1st 4 months of 2018

 

 

By Rose de la Cruz

 

Remittances from overseas Filipinos rose to $10.4 billion in January to April 2018, up by 4 percent hitting $2 billion in April alone.

 

Bangko Sentral ng Pilipinas Gov. Nestor Espenilla Jr. said the continued growth in personal remittances during the first four months was driven by steady remittance inflows from land-based OF workers with work contracts of one year or more, which aggregated to $8.1 billion.

 

Compensation of sea-based workers and land-based workers with short-term contracts reached $2.1 billion.

 

Remittances from OFs coursed through banks posted a 12.7 percent year-on-year growth (at $2.3 billion) in April 2018. Remittances sent by land-based workers (at $1.8 billion) and sea-based workers (at $0.5 billion) increased by 15.1 percent and 4.8 percent, respectively, compared to the levels posted in the same month a year ago.

 

The primary contributors to the growth in remittances during the month are the United States (US) with 4.2 percentage points; Canada (1.9 percentage points) and Singapore (1.0 percentage points).

 

The increase in the cash remittances in April 2018 brought the cumulative cash remittances for the first four months of the year to $9.4 billion, higher by 3.5 percent year-on-year. By country source, the bulk of cash remittances during the period came from the US, Saudi Arabia, United Arab Emirates (UAE), Japan, Singapore, United Kingdom, Canada, Germany, Qatar and Kuwait.

 

The combined remittances from these countries accounted for almost 80 percent of total cash remittances.

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