Personal remittances reach $2.4 billion in January: central bank

March 15, 2017

Personal remittances from overseas Filipinos  rose by 8.5 percent year-on-year in January  to reach $2.4 billion, central bank governor Amando Tetangco, Jr. announced Wednesday. The continued increase in personal remittances was mainly driven by the 13.5 percent growth in transfers from land-based workers with work contracts of one year or more (which summed up to $1.9 billion), more than offsetting the 8.3 percent decline in remittances from sea-based and land-based workers with work contracts of less than one year (at $0.4 billion). Cash remittances from overseas Filipinos coursed through banks reached $2.2 billion in January, representing an 8.6 percent year-on-year growth. Remittances of land-based workers amounted to $1.8 billion, 13.5 percent higher compared to the level posted in the same month a year ago. Sea-based workers’ remittances declined by 8.3 percent year-on-year due to the stiffer competition in the supply of seafarers. By country source, the bulk of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Japan, Singapore, Hong Kong, Qatar, Kuwait, Hongkong and Australia.2  The combined remittances from these countries accounted for more than 79 percent of total cash remittances. The United States, Singapore, Qatar and Japan were the major contributors to the growth in cash remittances in January. Remittances from the United States grew by 9.2 percent, contributing three percentage points to the 8.6 percent overall growth. Those from Singapore, Qatar and Japan rose by 19.7 percent, 57.8 percent, and 16.0 percent, respectively, with a combined 3.8 percentage points contribution to total growth in cash remittances. DMS