Remittances to Philippines hit new record in 2018

Personal remittances from overseas Philippine people reached 3.2 billion USD in December 2018, up 3.6 percent year-on-year, the Philippine central bank said on February 15.

Saturday, February 16, 2019 17:19

Remittances to Philippines hit new record in 2018 ảnh 1

Illustrative image (Source: internet)

Hanoi (VNA) - Personal remittances from overseas Philippine people reached3.2 billion USD in December 2018, up 3.6 percent year-on-year, the Philippinecentral bank said on February 15.

Thecountries that contributed most to the increase in the month were the US andCanada.

BangkoSentral ng Pilipinas (BSP) Governor Nestor Espenilla said personal remittancesreached 32.2 billion USD last year, the highest annual level to date.

Personalremittances are a major driver of domestic consumption, accounting for 9.7percent of the country’s gross domestic product (GDP) and 8.1 percent of thegross national income (GNI) in 2018, Espenilla added.-VNA

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