Philippines: Significant Increase in Personal Remittances

On April 17, 2017 Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, published remittance statistics for the first two months of 2017, which showed that personal remittances from overseas workers amounted to US$2.4bn in February 2017, an increase of 3.3 percent compared with the same period last year.

Personal remittances reached US$4.8bn for the first two months of the year, a 5.9 percent growth in comparison with last year. Cash remittances from overseas workers carried out through banks reached US$2.2bn over the period, 3.4 percent higher than the level a year ago. Almost US$1.7bn was sent by land-based workers, while less than a quarter (US$0.5bn) was sent by sea-based workers.

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