Personal Remittances in February 2015 Reached $2.1 Billion

Personal Remittances in February 2015 Reached $2.1 Billion

  Image source: http://www.freeimages.com/photo/175146   In February 2015, Bangko Sentral ng Pilipinas (BSP) observed a 4.0 percent year-on-year growth on personal remittances. Overseas Filipinos remitted a total of US$2.1 billion during the said month. Total remittances to the Philippines for the first two months of 2015 amounted to US$4.1 billion.   For the January-February period, personal remittances from land-based workers (one year and above work contract) and migrants equaled to US$3.1 billion. Overseas Filipinos with work contracts of less than a year sent in a total of US$1.0 billion.   Remittances sent through banks amounted to US$1.9 billion, an increase of 4.2 percent from the same period last year.   “The bulk of cash remittances came from the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Hong Kong, and Canada,” stated BSP.   The steady deployment of OF workers remained a key driver in the sustained inflows of remittances,” BSP added.   Approved job orders for January-February 2015 reached 164, 525, 26.5 percent of which were intended for professional, technical, production, and service workers in Taiwan, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.   The continued efforts of banks and non-bank remittance service providers to expand their international and domestic market coverage through tie-ups abroad as well as the introduction of innovations in their remittance products continued to provide support to the steady flow of remittances,” concluded BSP.       Reference: http://www.bsp.gov.ph/publications/media.asp?id=3708  
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