Remittances hit $22.7B from January to November

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Thursday, January 16, 2014

MANILA -- Remittances from abroad climbed to $2.286 billion last November or 9.5 percent higher from a year ago level, the central bank said Wednesday.

According to Bangko Sentral ng Pilipinas governor Amando Tetangco Jr., this marked the eighth consecutive month in 2013 that personal remittances breached the $2 billion mark

From January to November last year, personal remittances from overseas Filipinos (OFs) grew by 7.1 percent from the previous year’s level to $22.7 billion.

"The steady increase in personal remittances during the eleven-month period was driven largely by the 5.5 percent increase in remittances from land-based workers with work contracts of one year or more, accounting for more than three-fourths (75.6 percent) of total transfers for the said period," Tetangco said.

Transfers from sea-based workers and land-based workers with short-term contracts also rose by 8.2 percent, he added.

Meanwhile, cash remittances from OFs coursed through banks jumped by 7.5 percent year-on-year to $2.063 billion in November, exceeding the record-high level of $2.062 billion posted in October, the central bank said.

The major sources of cash remittances were the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan. (SDR/Sunnex)

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