Personal remittances hike to US$ 3.7 B in Jan-Feb 2013

Personal remittances from overseas Filipinos amounted to US$ 1.9 billion in February 2013, 6.9 percent higher than those remitted in the same month a year ago, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced Monday.

On a year-to-date basis, remittances for the first two months of the year grew by 7.6 percent from the previous year’s level to settle at US$ 3.7 billion.

Personal remittances continued to draw strength from higher transfers from land-based overseas Filipino workers with work contracts of one year or more (by 6.2 percent), as well as sea-based workers and land-based workers with short-term contracts (by 9.6 percent), it said in a press release.

Meanwhile, overseas Filipinos’ cash remittances coursed through banks amounted to US$ 3.4 billion in the first two months of 2013, posting a year-on-year growth of 7 percent.

More than three-fourths (or US$ 2.5 billion) of the total cash remittances for the period were sent by land-based workers while about a quarter (US$ 0.8 billion) were remitted by sea-based workers.

The leading country sources of cash transfers were the U.S. (41.5 percent), Canada (9.8 percent), Saudi Arabia (7.9 percent), the United Kingdom (5.3 percent), the United Arab Emirates (4.5 percent), Singapore (4.1 percent), and Japan (3.5 percent).

Philippines News agency