July 26, 2017, 2:35 am
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Remittances up 5.5% in May

Money sent home by overseas Filipinos reached $2.3 billion in May boosted by the $1.8 billion contribution from land-based workers.

Nestor Espenilla, BangkoSentral ng Pilipinas governor, said May’s level is 5.5 percent higher than the $2.1 billion posted during the same month last year.

Aside from the contribution of land-based workers, which represented a 6.2 percent increase year-on-year, sea-based workers sent home $0.5 billion, up by three percent a year earlier.

By country source, Espenilla said the primary contributors to the growth in cash remittances in May were the United Arab Emirates, Canada, Saudi Arabia and the United States.

On a year-to-date basis, cash remittances grew 4.5 percent to reach $11.3 billion, slightly higher than this year’s forecast of four percent growth.

Cash remittances coming from the US, Saudi Arabia, UAE, Singapore, Japan, United Kingdom, Qatar, Kuwait, Canada and Germany comprised about 80 percent of total cash remittances in the first five months of 2017.

Meanwhile, personal remittances amounted to $12.6 billion, registering 5.2 percent growth year-on-year for the first five months of 2017.

Personal remittances include personal transfers or “padala”. 

Personal remittances from land-based workers with work contracts of one year or more grew by 5.9 percent, compensating for the 0.6 percent decline in remittances from sea-based and land-based workers with work contracts of less than one year on the same period a year ago.
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