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Philippine remittances almost flat at 2.467 bln USD in October

Xinhua, December 15, 2015 Adjust font size:

Remittances from overseas Filipinos (OFs) were almost flat year-on-year to 2.467 billion U.S. dollars in October, the central bank said Tuesday.

The October remittances were 0.2 percent higher than last year's 2.462 billion U.S. dollars, said Bangko Sentral ng Pilipinas (BSP), the central bank Governor Amando Tetangco Jr.

The January to October remittances reached 22.8 billion U.S. dollars, 3.5 percent higher compared to the same period last year.

"Remittance inflows were supported by the steady deployment of skilled manpower, as well as the continued efforts of banks and non-bank remittance service providers to expand their international and domestic market coverage through tie-ups abroad as well as the introduction of innovations in their remittance products," he said.

Personal remittances from land-based workers with work contracts of one year or more rose by 3.9 percent while those from sea-based and land-based workers with work contracts of less than one year grew by 3 percent.

Cash remittances from overseas Filipinos coursed through banks amounted to 2.2 billion U.S. dollars in October, bringing the ten-month period remittances to 20.6 billion U.S. dollars, higher by 3.7 percent than the level registered in the same period last year.

The bulk of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Canada, and Hong Kong. Endit