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Philippine remittances up by 6.3 pct in September

Xinhua, November 15, 2016 Adjust font size:

Philippine remittances from overseas Filipinos rose by 6.3 percent year-on-year to 2.6 billion U.S. dollars in September, the local central bank said Tuesday.

From January to September, personal remittances reached 22.1 billion U.S. dollars, 4.7 percent higher from a year ago level, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said.

Personal remittances were comprised largely of transfers from land-based workers with work contracts of one year or more, he said.

Cash remittances from overseas Filipinos coursed through banks increased to 2.4 billion U.S. dollars in September, higher by 6.7 percent than the level recorded in the same period last year.

The major sources of cash remittances in September were the United States, the United Arab Emirates, Japan, Qatar, Taiwan and Kuwait.

On a year-to-date basis, cash remittances totaled 20 billion U.S. dollars, representing a 4.8 percent increase from the comparable level last year. Endit