Remittances breach Record High

Overseas Filipino workers sent home to their families more money in March compared to the same period a year ago, underscoring their important role in keeping the Philippine economy on even keel.

The Bangko Sentral ng Pilipinas reported that cash remittances by OFWs rose 11.3 percent to $2.101 billion from $1.888 billion a year ago due to sustained demand for local skilled workers abroad.

The figures represent the highest growth in OFW remittances since the 11.4-percent posted  in December 2009 and the remittances in the first three months of the year to $5.791 billion, or  5.5 percent higher from $5.49 billion a year ago.

Cash remittances from land-based [$4.4 billion] and sea-based [$1.4 billion] workers expanded by 5.3 and 6.1 percent, respectively.

The primary sources of cash remittances were the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan, Hong Kong, and Canada, the BSP said.

Personal remittances, including non-cash items, increased 11 percent in March to $2.3 billion from $2.1 billion a year ago. This is the biggest expansion for the past 15 months since the 13.8 percent in December 2013, the BSP added.

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