Remittance growth eases in January
MANILA, Philippines – Filipinos based overseas sent $1.799 billion cash to their families in the Philippines in January, up 5.9% from last year's level, the central bank reported.
Growth was however slower than the 10% recorded in December. This was normal since remittances usually spike during the yearend holiday season, according to the Bangko Sentral ng Pilipinas.
Many families depend on remittances sent by their relatives abroad for their basic needs here at home. These remittances also provide a lifeline during calamities such as typhoons.
Including non-cash remittances, such as goods and other items, total remittances from overseas rose 6.8% in January to $2 billion.
The central bank said remittance inflows continued to grow on the back of sustained demand for Filipino labor.
Citing data from the Philippine Overseas Employment Administration, it said over 75,000 jobs orders were processed in January for deployment in Saudi Arabia, United Arab Emirates, Taiwan, Kuwait and Qatar. – Rappler.com