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Philippine remittances climb by 1.8 pct in May

Xinhua, July 15, 2016 Adjust font size:

The money sent by Filipino overseas to the Philippines rose by 1.8 percent year-on-year to 2.4 billion U.S. dollars in May, the local central bank said Friday.

The May level brought the total remittances from January to May to 12 billion U.S. dollars, 2.7 percent higher than a year ago level, said Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.

"The steady growth in personal remittances drew support from the remittance inflows from land-based Overseas Filipino Workers (OFW) with work contracts of one year or more, amounting to 9.2 billion U.S. dollars, and compensation of sea-based workers and land-based workers with short-term contracts, which reached 2.6 billion U.S. dollars," he said.

Meanwhile, cash remittances from overseas Filipinos coursed through banks amounted to 2.2 billion U.S. dollars in May, up by 1.9 percent than the level registered a year ago.

For the first five months to May, cash remittances reached 10.9 billion U.S. dollars, representing a growth of 2.9 percent year-on-year.

About 80 percent of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Qatar, Kuwait, China's Hong Kong and Germany. Endit