MANILA - Remittances from overseas Filipinos declined in September compared to the previous year, data from the Bangko Sentral ng Pilipinas released on Wednesday showed.
Cash remittances coursed through banks were down 8.3 percent to $2.19 billion. For the January to September period, cash remittances rose 3.8 percent to $20.8 billion.
Personal remittances, or the sum of net compensation, household-to-household transfers in cash and kind and capital transfers, were down 7 percent to $2.44 billion in September. In the first 9 months of the year, it rose 4.8 percent to $23.2 billion.
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. -- with ABS-CBN News