Remittances surge to $4B in January-February

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Tuesday, April 15, 2014

MANILA -- Personal remittances from overseas Filipinos (OFs) soared by 6.4 percent to $4 billion in the first two months of 2014, the central bank said Tuesday.

For February alone, remittances hit $2 billion, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said.

"Personal remittances continued to draw strength from the steady rise in transfers from land-based workers with long-term contracts (4.3 percent), and sea-based and land-based workers with short-term contracts (10.3 percent)," he said.

Cash remittances from OFs coursed through banks increased in February by 5.6 percent year-on-year to $1.8 billion, bringing the January-February growth to 5.8 percent or $3.6 billion.

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

Tetangco said the continued demand for skilled Filipinos contributed partly to the steady flow of remittances. (SDR/Sunnex)

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