Remittances grew 5.1% in May


Posted at Jul 16 2012 04:38 PM | Updated as of Jul 17 2012 12:56 AM

MANILA, Philippines - Remittances from overseas workers grew 5.1% to $1.77 billion in May from a year ago, the Bangko Sentral ng Pilipinas reported on Monday.

May's remittance figure was also the highest so far this year.

Total personal remittances, which represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers, totaled $9.3 billion in the five months to May.
Cash remittances, which help power domestic consumption, is expected to grow 5% this year, slowing from the previous year's annual climb of 7.2%. Cash remittances in 2011 reached $20.12 billion.  

Major sources of remittances in May were the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Japan, Singapore.