Remittances hit record-high of USD7.7-B in Q1 2017

MANILA – Remittances from Overseas Filipinos (OFs)hit a record high of 7.7 billion in the first quarter of the year, up 8.1 percent from USD 7.1 billion in the same period last year, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. reported Monday.

Tetangco said a 10.5 percent growth in remittances from land-based workers with contracts of one year or more pulled the 2.0 percent decline in transfers from land-based and sea-based workers with contracts of below 12 months.

For the month of March alone, personal remittances from OFs recorded the highest growth in the first three months of year at 11.8 percent.

Remittances in March 2017 increased to USD2.9 billion from USD2.6 billion last year.

Of the total remittances for March, USD2.6 billion were transacted through banks. Remittances from OFs through banks improved by 10.7 percent year-on-year.

Land-based workers’ remittances rose 12.8 percent in March 2017 to USD2.1 billion while transfers from sea-based OFs grew 3.4 percent to USD500 million.

Biggest source of remittances for March was United States, followed by Canada, United Arab Emirates, Japan, and Hong Kong. Kris Crismundo/PNA-northboundasia.com