Re­mit­tances reach $2.5 bil­lion in Fe­bru­ary 2018

Sun.Star Cebu - - BUSINESS -

Per­sonal re­mit­tances from over­seas Filipinos (OFs) amounted to $2.5 bil­lion in Fe­bru­ary 2018, higher by 5.4 per­cent than those sent in the same month a year ago, BSP Gover­nor Nestor A. Espe­nilla, Jr. an­nounced yes­ter­day.

This brought the cu­mu­la­tive re­mit­tances for the first two months of the year to $5.2 bil­lion, rep­re­sent­ing a year-on-year growth of 8.1 per­cent. Land­based work­ers with work con­tracts of one year or more recorded a 6.5 per­cent growth to $4.0 bil­lion while those from sea-based and land-based work­ers with work con­tracts of less than one year rose by 9.7 per­cent to $1.0 bil­lion.

Cash re­mit­tances from OFs coursed through banks reached $2.3 bil­lion in Fe­bru­ary 2018, up by 4.5 per­cent year-on-year.

For the first two months of 2018, cash re­mit­tances to­taled $4.6 bil­lion, an in­crease of 7.1 per­cent com­pared to the $4.3 bil­lion level posted in the same pe­riod last year. This was sup­ported by the cash re­mit­tances both from land-based ($3.7 bil­lion) and sea-based ($1.0 bil­lion) work­ers, which in­creased by 6.4 per­cent and 9.8 per­cent, re­spec­tively.

The United States (US), United Arab Emi­rates (UAE), Ger­many and Malaysia were the ma­jor con­trib­u­tors to the growth in cash re­mit­tances for the month. Re­mit­tances from the US and UAE each con­trib­uted 1.2 per­cent­age points to the 4.5 per­cent over­all growth. Cash re­mit­tances from Ger­many and Malaysia each shared 1.0 per­cent­age point to to­tal growth in cash re­mit­tances.

By coun­try source, the bulk of cash re­mit­tances for the first two months of 2018 came from the US, United Arab Emi­rates (UAE), Saudi Ara­bia, Sin­ga­pore, Japan, United King­dom, Qatar, Ger­many, Hong Kong and Canada. The com­bined re­mit­tances from these coun­tries ac­counted for al­most 80 per­cent of to­tal cash re­mit­tances. /

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.