Re­mit­tances in­crease to $21.2B

Sun Star Bacolod - - Business -

re­mit­tances from over­seas Filipinos (OFS) in­creased by 2.4 per­cent year-on-year to reach US$21.2 bil­lion in the first eight months of 2018, BSP Of­fi­cer-in­charge Maria Al­masara Cyd Tuaño-amador an­nounced yes­ter­day.

Per­sonal re­mit­tances from land-based work­ers with work con­tracts of one year or more grew by 2.1 per­cent to $16.3 bil­lion, while trans­fers from sea-based work­ers and land-based work­ers with short-term con­tracts ex­panded by 3.8 per­cent to $4.4 bil­lion.

How­ever, per­sonal re­mit­tances for Au­gust were 1.4 per­cent lower than the level posted in Au­gust 2017.

Mean­while, for Jan­uary to Au­gust 2018, cash re­mit­tances from OFS coursed through banks recorded a 2.5-per­cent growth from the same pe­riod a year ago to reach $19.1 bil­lion. Cash re­mit­tances sent by land-based work­ers rose by 2.1 per­cent to $15.1 bil­lion, and trans­fers from sea-based work­ers grew by 3.8 per­cent to $4.0 bil­lion. For Au­gust 2018, how­ever, cash re­mit­tances posted a 0.9 per­cent de­crease yearon-year to $2.5 bil­lion.

The coun­tries that con­trib­uted to the de­cline in Au­gust 2018 are the United Arab Emi­rates (UAE), Saudi Ara­bia and Qatar.

By coun­try source, more than 79 per­cent of the to­tal cash re­mit­tances for the first eight months of 2018 came from the United States, Saudi Ara­bia, UAE, Sin­ga­pore, Ja­pan, United King­dom, Qatar, Canada, Ger­many and Hong Kong./pr

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