PERSONAL REMITTANCES CLIMB TO US$19.5 BILLION IN THE FIRST EIGHT MONTHS OF 2016
Overseas Filipinos’ (OFs) personal remittances in August 2016 increased by 16 percent year-on-year to reach US$2.6 billion, Bangko Sentral ng Pilipinas Officer-in-Charge Nestor A. Espenilla announced today. On a year-to-year basis, personal remittances for the first eight months of 2016 grew by 4.4 percent from the previous year’s level to US$19.5 billion. Personal remittances comprised largely of transfers from land-based workers with work contracts of one year or more (at US$15.1 billion) and remittances from sea-based and land-based workers of less than one year (at US$4.1 billion).
Similarly, cash remittances from OFs coursed through banks registered an increase of 16.3 percent in August 2016. Cumulative remittances I the first eight months of 2016 posted a 4.6 percent increase totaling US$17.6 billion. In particular, cash remittances from land-based workers rose by 6.5 percent to US$13.1 billion while that of sea-based workers fell moderately by 1.9 percent to reach US$3.8 billion. About 80 percent of cash remittances came from United States, Saudi Arabia, the United Arab Emirates, Singapore, the United Kingdom, Japan, Qatar, Kuwait, Hong Kong, and Germany.