Remittances grew by 8.7% in October

  • Page Views 750
  • Money sent home by Filipinos working overseas climbed 8.7 percent in October to $2.5 billion from a year ago, the fastest growth in six months, Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said Monday.

    Espenilla said in a statement the top sources that contributed to the increase were the United States, Canada, and Taiwan. 

    The figure brought total cash remittances in the first 10 months to $23.8 billion, or 3.1 percent higher than $23.1 billion registered in the same period in 2017.  

    “Cash remittances from both land-based [$18.7 billion] and sea-based [$5 billion] workers grew by 2.8 percent and 4.2 percent year-on-year, respectively,” Espenilla said.

    “By country source, 79 percent of the total cash remittances for the first 10 months of 2018 came from the US, Saudi Arabia, United Arab Emirates, Singapore, Japan, United Kingdom, Qatar, Canada, Germany, and Hong Kong,” Espenilla said.

    Personal remittances, which include non-cash items, also grew 8 percent in October to $2.8 billion from $2.6 billion a year ago, also the fastest in six months.

    Personal remittances in the first 10 months hit $26.5 billion, up 2.9 percent year-on-year.

    Personal remittances from land-based workers with work contracts of one year or more rose 2.8 percent to $20.3 billion, while those from sea-based and land-based workers with work contracts of less than one year increased 4.2 percent to $5.5 billion. 

    Government economic managers expect remittances to grow 3 percent, taking into consideration the pace of global economic growth. In 2017, money sent home by overseas Filipinos reached a record $28.06 billion, up 4.3 percent from $26.90 billion in 2016.

    The higher cash remittances in 2017 was supported by the increase in transfers from both land-based and sea-based workers by 4 percent and 5.4 percent, respectively.

    (J.G. Rada, MT)

    Share

    New Posts Recently publish post More

    • 04 April 2024
      2 weeks ago No comment

      Filipinos report racism in Canadian community sports

      Filipinos are likely to experience or witness racism during community sports in Canada. This finding was part of the data released by Statistics Canada following its latest survey of participation and experiences in community sports. The national statistical agency defines “community sports” as “organized sports, including those played in ...

    • 21 March 2024
      4 weeks ago No comment

      Canada eyes space cooperation with Philippines

      The Philippines held its first space cooperation conference on March 19, 2024 as the country seeks to explore opportunities presented by the heavens. The conference was organized by the Stratbase Albert del Rosario Institute for Strategic and International Studies, a Metro Manila-based think-tank; the fledgling Philippine Space Agency; and ...

    • 14 March 2024
      1 month ago No comment

      Mable endorses campaign for Benson Flores marker

      Mable Elmore is supporting the campaign to raise funds for a memorial marker for pioneer immigrant Benson Flores. Elmore is the Member of the Legislative Assembly of British Columbia for Vancouver-Kensington, which is also home to Mountain View Cemetery where Flores is buried in an unmarked grave. MLA Elmore ...

    • 07 March 2024
      1 month ago No comment

      Quiboloy church linked to fake marriages in Canada

      Some 100 allegedly fraudulent marriages in Canada are connected to the religious group led by the spiritual adviser of now former Philippine president Rodrigo Duterte. This stunning allegation was made on March 5, 2024 by Dindo Maquiling, a former follower of Apollo Quiboloy. Maquiling is a former executive director ...

    • 07 March 2024
      1 month ago No comment

      MP Valdez Visits Vancouver

      Liberal MP Rechie Valdez visited Vancouver to meet with BC Business owners at the Dubai National Air Travel Agency (DNATA) Catering in Richmond recently. The meet and greet was an opportunity for local businesses to dialogue directly with Valdez whose portfolio includes small businesses. The roundtable discussion was led ...

    %d bloggers like this: