OFW remittances rise nearly 6% to $17.3-B in Jan-Sept
MANILA, Philippines - Remittances from Filipinos living and working overseas continued to grow in September despite economic challenges in the Philippines' labor markets.
Personal remittances -- the cash and non-cash items or goods sent by overseas Filipinos through formal and informal channels -- rose 6% in September from a year ago to $2 billion, the central bank reported Thursday, November 15.
This brought the 9-month remittance tally to $17.3 billion, up 5.7% year on year.
"Remittances remained resilient on the back of sustained foreign demand for skilled Filipino manpower and continued financial service innovations of banks and other financial institutions to address the remittance needs of overseas Filipinos and their beneficiaries," the Bangko Sentral ng Pilipinas said in a statement.
Cash remittances -- the ones coursed through banks -- rose 5.9% to $1.8 billion, the highest monthly level recorded so far.
For the first 9 months, cash remittances amounted to $15.6 billion, representing a 5.5% increase from the year-ago level.
The top sources of cash remittances were the US, Canada, Saudi Arabia, Japan, United Kingdom, United Arab Emirates and Singapore. - Rappler.com