Cash remittances up 9 percent in Sept to $2.4 billion


Posted at Nov 15 2019 02:30 PM

MANILA - Cash remittances by overseas Filipino workers reached $2.4 billion (P106 billion) in September, up 9 percent year-on-year, data from the Bangko Sentral ng Pilipinas released Friday showed. 

This brought cash remittances for the first 9 months of the year to $22.2 billion from $21.3 billion in the same period in 2018, it said.

The US had the highest share of total remittances from January to September 2019 at 37.5 percent, followed by Saudi Arabia, Singapore, United Arab Emirates, Japan, UK, Canada, Hong Kong, Germany and Kuwait.

Personal remittances, including those in kind and house-to-house transfers, also rose to $2.6 billion (P131 billion) in September or 6 percent higher from $2.5 billion last year. The total for the first 9 months of the year reached $24.6 billion from $23.7 billion last year, the BSP said.