Remittances rise 6% to $22-B in Jan to Nov

MANILA, Philippines – Filipinos working and living abroad sent home a total of $21.59 billion in personal remittances in January to November 2012, 6.1% more than the amount recorded in same period the previous year.

In a statement released Tuesday, January 15, the Bangko Sentral ng Pilipinas (BSP) said personal remittances, including cash and non-cash inflows, grew on the back of higher demand for Filipino workers around the globe.

“The continued expansion in personal remittances during the 11-month period was underpinned by the 12.7% growth in remittances from sea-based workers and land-based overseas Filipino workers with short-term contracts, as well as the 13.4% increase from land-based workers with work contracts of one year or more,” the BSP said.

In November alone, the BSP said personal remittances rose 7.6% year on year to $2.13 billion.

Cash remittances, which accounted for a big chunk of the amount, were on the uptrend. They grew by an annual 7.6% in November to $1.91 billion, and 6% in January to November to $19.416 billion.

The BSP said about 78% of cash remittances reported by local banks came from the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, and Singapore. – Rappler.com