Personal remittances from overseas Filipinos (OFs) amounted to US$2.5 billion in February 2018, higher by 5.4 percent than those sent in the same month a year ago, BSP Governor Nestor A. Espenilla, Jr. announced today. This brought the cumulative remittances for the first two months of the year to US$5.2 billion, representing a year-on-year growth of 8.1 percent. Land-based workers with work contracts of one year or more recorded a 6.5 percent growth to US$4.0 billion while those from sea-based and land-based workers with work contracts of less than one year rose by 9.7 percent to
Meanwhile, cash remittances from OFs coursed through banks reached US$2.3 billion in February 2018, up by 4.5 percent year-on-year. For the first two months of 2018, cash remittances totaled US$4.6 billion, an increase of 7.1 percent compared to the US$4.3 billion level posted in the same period last year. This was supported by the cash remittances both from land-based (US$3.7 billion) and sea-based (US$1.0 billion) workers which increased by 6.4 percent and 9.8 percent, respectively. The United States (US), United Arab Emirates (UAE), Germany and Malaysia were the major contributors to the growth in cash remittances for the month. Remittances from the US and UAE each contributed 1.2 percentage points to the 4.5 percent overall growth. Meanwhile, cash remittances from Germany and Malaysia each shared 1.0 percentage point to total growth in cash remittances.
By country source, the bulk of cash remittances for the first two months of 2018 came from the US, United Arab Emirates (UAE), Saudi Arabia, Singapore, Japan, United Kingdom, Qatar, Germany, Hong Kong and Canada. The combined remittances from these countries accounted for almost 80 percent of total cash remittances.
1/ The BSP started to release data on personal remittances in June 2012. As defined in the Balance of Payments Manual, 6th Edition (BPM6), personal remittances represent the sum of net compensation of employees (i.e., gross earnings of overseas Filipino (OF) workers with work contracts of less than one year, including all sea-based workers, less taxes, social contributions, and transportation and travel expenditures in their host countries), personal transfers (i.e., all current transfers in cash or in kind by OF workers with work contracts of one year or more as well as other household-to-household transfers between Filipinos who have migrated abroad and their families in the Philippines), and capital transfers between households (i.e., the provision of resources for capital purposes, such as for construction of residential houses, between resident and non-resident households without anything of economic value being supplied in return).