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Remittances to Philippines reach 7.8 billion USD in Q1

The central bank of the Philippines reported on May 16 that the amount of remittances sent back home by overseas Filipinos has reached 7.8 billion USD in the first quarter of 2018, up 1.3 percent year-on-year.
Remittances to Philippines reach 7.8 billion USD in Q1 ảnh 1The amount of remittances sent back home by overseas Filipinos has reached 7.8 billion USD in the first quarter of 2018 (Photo: ibtimes.co.uk)

Hanoi (VNA) – The central bank of the Philippines reported onMay 16 that the amount of remittances sent back home by overseas Filipinos hasreached 7.8 billion USD in the first quarter of 2018, up 1.3 percentyear-on-year.

The central bank’s deputy governor Diwa Guinigundo said most of the sum,or 77.5 percent of the remittances, was from land-based workers with workcontracts of one year or more, which summed up to 6.1 billion USD, while 20percent derived from sea-based and land-based workers with work contracts ofless than one year, amounting to 1.6 billion USD for the same period.

However, Guinigundo said the amount of personal remittances in March2018 was 2.6 billion USD, or 9.9 percent lower than the level posted in thesame month last year.

The countries that registered the biggest declines in cash remittancesin March were Saudi Arabia, United Arab Emirates (UAE), Qatar and the US.

The continued repatriation of overseas Filipino workers from the MiddleEast countries could have affected the inflows of cash remittances.

Preliminary data from the Department of Labor and Employment indicatedthat as of February 8, a total of 1,124 overseas Filipino workers wererepatriated from Kuwait.-VNA
VNA
#central bank of the Philippines#remittances to the Philippines#overseas Filipinos#overseas Filipino workers#Department of Labor and Employment of the Philippines#Diwa Guinigundo#Vietnamplus#Vietnam News Agency
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