Remittances reach $2.5 billion in February 2018

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. Land-based 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. (PR)