Remittances hit $2.1B in April

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Monday, June 16, 2014

PERSONAL remittances from overseas Filipinos (OFs) rose by 5.2 percent year-on-year to $2.1 billion in April this year, the central bank said Monday.

For the first four months to April, personal remittances rose by 6.2 percent to $8.2 billion relative to the same period last year, the Bangko Sentral ng Pilipinas (BSP) said.

"The sustained growth in personal remittances during the first four months of 2014 was due mainly to the steady increase in remittance flows from both land-based workers with long-term contracts (5 percent) and sea-based and land-based workers with short-term contracts (8.3 percent)," it said.

Meanwhile, cash remittances from OFs coursed through banks grew by 5.2 percent year-on-year to $1.9 billion in April 2014, bringing cash remittances for the first four months of the year to $7.4 billion, higher by 5.8 percent than the level recorded in the comparable period in 2013.

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

Remittance flows remained robust on the back of sustained demand for skilled Filipino workers, the central bank said. (SDR/Sunnex)

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