Cash remittances up 4 percent in April

ABS-CBN News

Posted at Jun 17 2019 03:23 PM

MANILA - Cash remittances from overseas Filipinos reached $2.4 billion in April, up 4 percent from the same month last year, the Bangko Sentral ng Pilipinas said Monday.

This brought cash remittances, or those coursed through banks, from January to April to $9.7. billion, 4.1 percent higher compared to the same period in 2018.

Personal remittances, including those in kind and house-to-house transfers, grew 3.7 percent to $2.7 billion in April, bringing total personal remittances for the first four months of the year to $10.8 billion.

The largest share of remittances in the January to April period came from the United States at 35.9 percent.

The US was followed by Saudi Arabia, Singapore, United Arab Emirates, the UK, Japan, Canada, Hong Kong, Qatar and Germany.

The Philippines is one of the world's largest recipients of remittances, which support domestic consumption and drive economic growth.