Philippines: Remittances rise in August — BSP

• Oct 16, 2019

MANILA, Philippines — Money sent home by overseas Filipino workers rose in August, the Bangko Sentral ng Pilipinas reported Tuesday.

Cash remittances coursed through banks went up 4.6% to $2.6 billion in August from $2.5 billion last year.

The latest figure brought the eight-month tally to $19.8 billion, up 3.9% from $19.1 billion in the same period last year.

“Cash remittances from land-based and sea-based workers increased by 2.8% to $15.5 billion and 8.2% to $4.3 billion, respectively, for January-August 2019,” the BSP said.

By country source, the US registered the highest share of overall remittances from January to August at 37%, followed by Saudi Arabia, Singapore, United Arab Emirates, the UK, Japan, Canada, Hong Kong, Germany and Kuwait.

The combined remittances from these countries accounted for 78.4% of total cash remittances in the first eight months, the central bank said. — Ian Nicolas Cigaral

Source: https://www.philstar.com/business/2019/10/15/1960419/remittances-rise-august-bsp#4PutUW2XO7uya6Dh.99