Personal remittances up in November  

January 16, 2017

Personal remittances from overseas Filipino workers rebounded in November mainly due to more transfers from land-based workers with employment contracts of one year or more,  the central bank said Monday.

The central bank said workers remitted $2.4 billion, up 18.4 percent from a year ago. “The increase in personal remittances was driven largely by the 7.8 percent expansion from land-based workers with work contracts of one year or more to reach $20.9 billion,” the central bank.

This more than compensated for the 3.6 percent decline in remittances from sea-based and land-based workers with work contracts of less than one year totaling $5.5 billion.

Cumulative remittances from January to November are now at $26.9 billion, up 5.1 percent year-on-year. Cash remittances from overseas Filipinos workers sent through banks grew by 18.5 percent year-on-year in November ahead of the Christmas holiday, to reach $2.2 billion.

Top countries that contributed to the increase in remittances were the US, United Arab Emirates, japan, Saudi Arabia and Qatar. DMS