Filipinos abroad send home $28.2B in January to November 2017
Personal remittances from Filipinos working abroad remained brisk, reaching $28.2 billion in January-November of last year, as more citizens find work overseas, the Bangko Sentral ng Pilipinas said in a statement.
The amount represents a 5.1 percent increase over the same period in 2016, proof that the economy remained anchored on the purchasing power of Filipino families who are beneficiaries of these remittances from abroad.
For November alone, personal remittances hit $2.5 billion, a 3.2 percent increase from the same month in 2016.
Meanwhile, cash remittances coursed through banks reached $25.3 billion in the first 11 months of 2017, 4 percent higher compared to the same period in 2016. For November alone, cash remittances amounted to $2.3 billion, up 2 percent versus the same month in the previous year.
The US, UAE, Saudi Arabia, Singapore, Japan, UK, Qatar, Kuwait, Germany and Hong Kong were the biggest sources of cash remittances.