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Personal remittances up 2% at $2.49 billion in Sept.


Personal remittances were up 2.0 percent in September year-on-year, data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday showed.

The sum of transfers in cash or in-kind, personal remittances totaled $2.490 billion in September, the lowest since registering at $2.442 billion a year earlier, but an improvement from a 1.4-percent drop last August.

Cash remittances rose by 2.3 percent to $2.237 billion from $2.186 billion.

In the first nine months of 2018, personal remittances were up 2.4 percent at $23.713 billion and cash remittances were up 2.5 percent at $21.294 billion.

“The growth in personal remittances during the first nine months of 2018 was supported by remittance inflows from land-based workers with work contracts of one year or more, which grew by 2.2 percent year-on-year,” the BSP said.

“Similarly, the growth in personal remittances was complemented by remittances from sea- and land-based workers with contracts of less than one year, which rose by 3.5 percent year-on-year,” it added.

Independent economic consultant John Paolo Rivera said more inflows are anticipated in view of the coming holiday season.

“Remittances observably increase every -ber months due to the holiday season,” he said. “That is still expected to go up as we draw closer to December.” —VDS, GMA News

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