OFW remittances up to US$13.7B

PERSONAL remittances from Overseas Filipinos (OFs) rose to US$2.9 billion in May 2019, a 5.5 percent increase from US$2.7 billion in May 2018.

On a cumulative basis, personal remittances for the period January–May 2019 increased by 4.1 percent to reach US$13.7 billion from last years’ level of US$13.2 billion, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

The steady growth in personal remittances during the first five months of 2019 drew support from the remittance inflows from land-based OF workers with work contracts of one year or more, which aggregated to US$10.5 billion from US$10.2 billion in the same period last year.

Inflows from the compensation of sea-based workers and land-based workers with short-term contracts also contributed to this growth and totaled US$2.9 billion from US$2.7 billion a year ago.

Likewise, cash remittances from OFs coursed through banks rose to US$2.6 billion in May 2019, a 5.7 percent increase, from US$2.5 billion in the same period a year ago.

This brought cash remittances for the period January – May 2019 to reach US$12.3 billion, 4.5 percent higher than the US$11.8 billion recorded in the same period last year.

In particular, cash remittances from land-based and sea-based workers increased by 3.2 percent at US$9.7 billion and 9.2 percent at US$2.7 billion, respectively, during the first five months of 2019.

By country source, the US registered the highest share of overall remittances for January to May 2019 at 36 percent. It was followed by Saudi Arabia, Singapore, United Arab Emirates, the UK, Japan, Canada, Hong Kong, Qatar and Kuwait.

The combined remittances from these countries accounted for 78 percent of total cash remittances from January to May 2019. (BSP)