Cash remittances hit $2.4-B in November, up 2.1 percent

ABS-CBN News

Posted at Jan 15 2020 03:40 PM

Dollar bills are shown in this file photo. Cash remittances in November 2019 grew 2 percent, the central bank said. ABS-CBN News/file

MANILA -- Cash remittances from overseas Filipinos reached $2.4 billion in November 2019, up 2 percent year on year, the Bangko Sentral ng Pilipinas said Wednesday.

From January to November last year, cash remittances, or those coursed through banks, totaled $27.2 billion, up 4.4 percent from the same period in 2018.

Personal remittances, including those in kind and house-to-house transfers, grew 4.1 percent to $30.3 billion in the January to November period.

By country, the US was the biggest source of remittances accounting for 37.7 percent of the total. Saudi Arabia was second, followed by Singapore, Japan, UAE, UK, Canada, Hong Kong, Germany, and Qatar. 

The Philippines is one of the world's biggest recipients of remittances from its expatriates, helping drive consumption that powers the domestic economy.