BSP: Remittances Grow 5.9% to $1.8B in January

The Bangko Sentral ng Pilipinas said Monday the cash remittances rose by 5.9 percent to $1.799 billion from $1.699 billion in the same comparable period, which includes money sent through banks and transfer agents.

The BSP said the amount of transfers in January numbers was low by 18.22 percent for $2.2 billion in December 2013, saying the level of remittances usually drops following the year-end holidays.

The BSP also noted the remittance flows “remained resilient, underpinned by the sustained demand for Filipino manpower overseas, particularly the skilled workers.”

Report said preliminary data from the Philippine Overseas Employment Administration (POEA) showed that 24,187 job orders were processed mainly for Saudi Arabia, the United Arab Emirates, Taiwan, Kuwait and Qatar. The BSP data reveals that cash remittances in January came mostly from the Kingdom of Saudi Arabia, the United States, United Kingdom, the United Arab Emirates, the United Kingdom, Singapore, Japan and Canada.

Reports added that personal remittances increased by 6.8 percent, reaching a total of $2.002 billion in October. This include transfers in cash and in kind through banks and hand-carried deliveries.

Source: Gma News Online

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