Cash remittances up 4.5 percent in February

ABS-CBN News

Posted at Apr 16 2018 03:19 PM | Updated as of Apr 16 2018 04:05 PM

MANILA - Cash remittances from Filipinos overseas rose 4.5 percent to $2.3 billion in February, bringing the two-month total so far this year to $4.6 billion, the central bank said Monday.

Personal remittances, on the other hand, grew 5.4 percent in February, bringing cumulative remittances from January to February total to $5.2 billion, the Bangko Sentral ng Pilipinas said.

Cash remittances represent money coursed through banks, while personal remittances includes cash and non-cash items that flow through both formal or electronic wire and informal channels such as money or goods carried across borders.

Eighty percent of remittances for the first two months came from the United States, United Arab Emirates, Saudi Arabia, Singapore, Japan, United Kingdom, Qatar, Germany, Hong Kong and Canada, the BSP said.

The Philippines is one of the world's largest recipients of remittances, with millions of Filipinos working overseas sending home money that helps power domestic consumption, a key driver of economic growth.