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Philippine remittances up by 5.5 pct in May

Xinhua, July 15, 2015 Adjust font size:

Philippine remittances from overseas Filipinos increased by 5.5 percent year-on-year to 2.321 billion U.S. dollars in May, the central bank said Wednesday.

The May remittances level was higher than the 2.233 billion U.S. dollars recorded in April.

For the first five months of the year, cumulative remittances rose to 10.968 billion U.S. dollars, up by 5.2 percent relative to the same period a year ago.

"The continued expansion in personal remittances during the first five months of 2015 was driven by stronger growth of remittance inflows from both land-based workers with contracts of at least one year and sea-based and land-based workers with short- term contracts," said central bank governor Amando Tetangco Jr.

Meanwhile, cash remittances from overseas Filipinos coursed through banks rose by 5.8 percent year-on-year to 2.1 billion U.S. dollars in May, bringing the January to May cash remittances to 9. 9 billion U.S. dollars.

Cash remittances mostly came from the United States, Saudi Arabia, the United Arab Emirates, Britain, Singapore, Japan, China 's Hong Kong, and Canada. Endi