Remittances rise in August — BSP
MANILA, Philippines — Money sent home by overseas Filipino workers rose in August, the Bangko Sentral ng Pilipinas reported Tuesday.
Cash remittances coursed through banks went up 4.6% to $2.6 billion in August from $2.5 billion last year.
The latest figure brought the eight-month tally to $19.8 billion, up 3.9% from $19.1 billion in the same period last year.
“Cash remittances from land-based and sea-based workers increased by 2.8% to $15.5 billion and 8.2% to $4.3 billion, respectively, for January-August 2019,” the BSP said.
By country source, the US registered the highest share of overall remittances from January to August at 37%, followed by Saudi Arabia, Singapore, United Arab Emirates, the UK, Japan, Canada, Hong Kong, Germany and Kuwait.
The combined remittances from these countries accounted for 78.4% of total cash remittances in the first eight months, the central bank said. — Ian Nicolas Cigaral
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