PH remittances climb to $24.4B from January to October

THE money sent home by the overseas Filipinos for the first ten months rose by 3.9 percent year-on-year to $24.4 billion, the central bank said Thursday, December 29.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said the personal remittances from land-based workers with work contracts of one year or more amounted to $19.0 billion while those from sea-based and land-based workers with work contracts of less than one year, excluding their expenditures abroad, totaled $5.1 billion.

Personal remittances in October, however, fell by 2.8 percent year-on-year to $2.3 billion.

Meanwhile, cash remittances from overseas Filipinos coursed through banks rose by 4.0 percent year-on-year in January to October to $22.1 billion.

In particular, remittances from land-based workers in the first ten months increased by 6.3 percent, compensating for the 3.7 percent decline in sea-based workers’ remittances.

Total cash remittances in October also declined by 3.0 percent year-on-year to $2.1 billion as remittances from sea-based workers declined by 11.1 percent while those from land-based workers slid by 0.6 percent.MORE

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