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Remittances from Filipinos abroad reach $2.9bn in Aug. 2019

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Remittances from Filipinos abroad reach $2.9bn in Aug. 2019

, 4.2 per cent higher than the 2.8 billion U.S. dollars remitted as at Aug. 2018, the Philippine central bank said on Tuesday.


According to the Bangko Sentral ng Pilipinas (BSP) or the central bank of the Philippines, this brings personal remittances for the first eight months of 2019 to 22 billion U.S. dollars, up by 3.6 per cent from 2018 sum of 21.2 billion U.S. dollars.

“The steady growth in personal remittances during the first eight months of 2019 drew support from the remittance inflows from land-based OF workers with work contracts of one year or more, which aggregated 16.8 billion U.S. dollars from 16.3 billion U.S. dollars in the same period in 2018,” the BSP added.

According to the BSP, inflows from the compensation of sea-based workers and land-based workers with short-term contracts also contributed to the growth and totalled 4.7 billion U.S. dollars from 4.4 billion U.S. dollars a year ago.

The BSP also said that cash remittances from OFs coursed through banks rose to 2.6 billion U.S. dollars in Aug. 2019, from 2.5 billion U.S. dollars in 2018, bringing cash remittances for the first eight months of 2019 to 19.8 billion U.S. dollars from 19.1 billion U.S. dollars recorded in the same period in 2018.

“Cash remittances from land-based and sea-based workers increased by 2.8 per cent to 15.5 billion U.S. dollars and 8.2 per cent to 4.3 billion U.S. dollars, respectively, for Jan. to Aug. 2019,” the BSP said.

By country source, the BSP said that the U.S. registered the highest share of overall remittances for Jan. to Aug. 2019 at 37 per cent.

It was followed by Saudi Arabia, Singapore, the United Arab Emirates, and Britain.

The government estimates the number of overseas Filipino workers at 12 million, accounting for one-tenth of the country’s population.

The Philippine central bank sees cash remittances growing by three per cent in 2019.

Overseas Filipinos remittances are one of the largest sources of foreign exchange income in the Philippines. (Xinhua/NAN)

YEE

Edited by Emmanuel Yashim

Emmanuel Yashim: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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