Remittances up 6.4% in March

Personal remittances recorded a 6.4% year-on-year increase in March this year, driven by the continued inflows from land-based overseas Filipinos, data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed.

Central bank data revealed that personal remittances—the sum of transfers sent in cash or in-kind via informal channels—rose to $2.796 billion in March.

This compares with the $2.627 billion in March 2018, and the $2.557 billion registered in February this year.

"The continued growth in personal remittances during the first three
months of 2019 was driven by steady remittance inflows from land-based OF workers with work contracts of one year or more, which aggregated to $6.2 billion," the BSP said in an accompanying statement.

The BSP likewise noted compensation of sea-based workers and land-based workers with short-term contracts, which totaled $1.7 billion during the period.

The latest figures brought year-to-date personal remittances up by 3.7% to $8.098 billion, higher than the $7.809 billion the same three months of 2018.

Cash remittances, or money transfers coursed through banks, likewise rose by  6.6% to $2.514 billion in March, bringing the year-to-date figure up by 4.2% to $7.299 billion.

"By country source, the US registered the highest share of overall remittances for the period at 35.1%," said the BSP.

It was followed by Saudi Arabia, Singapore, the United Arab Emirates, the UK, Japan, Canada, Qatar, Hong Kong, and Kuwait.

"The combined remittances from these countries accounted for almost
78% of total cash remittances from January to March 2019," the BSP said. — BM, GMA News