Overseas Filipino remittances hit five-month high in May
MANILA, Philippines (Xinhua) - Overseas Filipino remittances hit a five-month high in May, the central bank reported today.
Money sent home by Filipinos rose 5.3 percent to $1.867 billion that month, the highest since December's $1.975 billion, figures released by the bank showed.
The amount represented cash remittances coursed through banks.
For the first five months, remittances already grew 5.6 percent to $8.783 billion. The central bank projects a five- percent expansion for the year.
In a statement, Central Bank Governor Amando Tetangco Jr. said the "robust" growth in remittances was driven by demand for Filipino workers abroad and expanding presence of banks.
The United States continued to be the top source of remittances. It was followed by Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada and Japan.
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