Overseas Filipino remittances rise to $13.7 billion in January-May 2019

MANILA, Philippines – Personal remittances of overseas Filipino workers (OFWs) rose to $2.9 billion in May 2019, 5.5% higher than the $2.7 billion during the same month last year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said in a statement on Monday, July 15.

From January to May, remittances reached $13.7 billion, 4.1% higher than the $13.2 billion in the same period a year ago.

The BSP said the steady growth in personal remittances during the first 5 months of the year came mostly from land-based OFW workers with work contracts of at least one year, which aggregated to $10.5 billion. 

Inflows from sea-based workers and land-based workers with short-term contracts totaled $2.9 billion.

Meanwhile, cash remittances coursed through banks rose to $2.6 billion in May, 5.7% higher than the $2.5 billion in the same month last year. 

From January to May, cash remittances coursed through banks reached $12.3 billion, 4.5% higher than the recorded $11.8 billion a year ago.

The United States registered the highest share of overall remittances during the 5-month period at 36%. Saudi Arabia, Singapore, the United Arab Emirates, the United Kingdom, Japan, Canada, Hong Kong, Qatar, and Kuwait comprised the rest of the top 10 sources. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.