OFW cash remittances grow 7.8 pct in August

ABS-CBN News

Posted at Oct 16 2017 03:04 PM

MANILA - Cash remittances from overseas Filipinos in August grew 7.8 percent, the fastest pace since March, the Bangko Sentral ng Pilipinas said Monday.

The BSP said it recorded $2.5 billion in cash remittances, or those coursed through banks, bringing the 8-month total to $18.6 billion.

Personal remittances, on the other hand, grew 9.4 percent in August to $2.8 billion, bringing the 8-month haul to $20.7 billion, the BSP said.

The United States, Saudi Arabia, UAE, Singapore, Japan, United Kingdom, Qatar, Kuwait, Germany and Hong Kong remained the biggest sources of remittances.

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.