Cash remittances up 2.3 pct in Sept

ABS-CBN News

Posted at Nov 15 2018 05:07 PM | Updated as of Nov 15 2018 09:21 PM

MANILA - Cash remittances from overseas Filipinos rose 2.3 percent in September, the Bangko Sentral ng Pilipinas (BSP) said Thursday. 

Overseas Filipinos sent home $2.2 billion in September, bringing the total cash remittances in the first 9 months of the year to $21.3 billion. 

This was was 2.5 percent higher compared to the same period in 2017, the BSP said. 

Chart by ABS-CBN Data Analytics Group

Cash remittances growth for the first 9 months of the year is at its slowest pace in 17 years.

The BSP said more than 79 percent of the total cash remittances for the first 9 months came from the United States, Saudi Arabia, UAE, Singapore, Japan, United Kingdom, Qatar, Canada, Germany, and Hong Kong. 

Meanwhile, personal remittances in the Jan-Sept period grew by 2.4 percent to reach $23.7 billion. 

The Philippines is one of the world's largest recipients of remittances, which is a key driver of economic growth.