Philippine remittances swell by 5.8% y-o-y to $2.4b in June

MANILA: Philippine remittances from overseas Filipinos increased by 5.8 percent year-on-year to 2.4 billion U.S. dollars in June, the central bank said here the other day.

The June remittances brought the personal remittances for the first semester of the year to 13.4 billion U.S. dollars, 5.3 percent higher compared to 12.7 billion U.S. dollar from a year ago level, said central bank governor Amando Tetangco Jr.

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“The sustained growth in personal remittances for the first half of the year was boosted by the continued remittance inflows from land-based workers with contracts of at least one year and sea-based and land-based workers with short-term contracts,” he said.

Meanwhile, cash remittances from overseas Filipinos coursed through banks hit 2.2 billion U.S. dollars in June, 6.1 percent higher from June last year.

For January to June, cash remittances amounted to 12.1 billion U.S. dollars, higher by 5.6 percent than the 11.4 billion U.S. dollars posted during the first half of last year.

Remittances mostly came from the United States, Saudi Arabia, the United Arab Emirates, Britain, Singapore, Japan, Canada and China’s Hong Kong.