Metro Manila (CNN Philippines, December 16) — Overseas Filipinos sent more money home in October.
According to latest Bangko Sentral ng Pilipinas (BSP) data, personal remittances reached $2.969 billion in October, a 7.7 percent increase from the $2.757 billion recorded in the same month last year.
This brought personal remittances for the 10 months to October at $27.612 billion, a 4.3 percent increase from the $26.470 billion in the same period last year.
This was due to a 3.8 percent increase in personal remittances from land-based workers with contracts of one year or more, having hit $21.1 billion from January to October. Meanwhile, remittances from short-term contract land-based workers and sea-based workers increased by 7.5 percent to $5.9 billion for the same period.
Cash remittances coursed through banks rose to $2.7 billion in October 2019, 8 percent higher than the $2.5 billion recorded in the same month last year.
This brought the year-to-date cash remittances to $24.9 billion, 4.6 percent higher than the $23.8 billion recorded from January to October last year.
Filipinos in the US brought in 37.6 percent of the January to October cash remittances. Meanwhile the regions of Saudi Arabia, Singapore, Japan, United Arab Emirates, the United Kingdom, Canada, Germany, Hong Kong and Kuwait brought in 78.4 percent of these cash remittances.
