Personal remittances from Overseas Filipinos (OFs) amounted to US$12.6 billion registering a 5.2 percent growth year-on-year for the first five months of 2017, BSP Governor Nestor A. Espenilla, Jr. announced today.1 Personal remittances from land-based workers with work contracts of one year or more grew by 5.9 percent to compensate for the 0.6 percent decline in remittances from sea-based and land-based workers with work contracts of less than one year on the same period a year ago.
Cash remittances from OFs coursed through banks reached US$2.3 billion in May 2017, a 5.5 percent increase from the level posted in the same period a year ago. This was boosted by the remittances from land-based (at US$1.8 billion) and sea-based (at US$0.5 billion) workers, representing 6.2 percent and 3.0 percent increase, respectively. By country source, the primary contributors to the growth in cash remittances for this month are the United Arab Emirates (U.A.E.) (with 1.5 percentage points contribution to growth), Canada and Saudi Arabia ( each contributing 1.1 percentage points), and United States ( 0.8 percentage points).
On a year-to-date basis, cash remittances gained 4.5 percent growth, reaching US$11.3 billion. Cash remittances from land-based workers grew by 5.9 percent to US$9.0 billion, while transfers from sea-based workers' declined by 0.6 percent to US$2.3 billion. Cash remittances coming from the United States (US), Saudi Arabia, United Arab Emirates (UAE), Singapore, Japan, United Kingdom, Qatar, Kuwait, Canada and Germany comprised about 80 percent of total cash remittances in the first five months of 2017.
Source: Bangko Sentral ng Pilipinas (BSP)