Personal remittances from Overseas Filipinos (OFs) increased by 2.4 percent year-on-year to reach US$21.2 billion in the first eight months of 2018, BSP Officer-in-Charge Maria Almasara Cyd N. Tuaño-Amador announced today.1 Personal remittances from land-based workers with work contracts of one year or more grew by 2.1 percent to US$16.3 billion, while transfers from sea-based workers and land-based workers with short-term contracts expanded by 3.8 percent to US$4.4 billion. However, personal remittances for August 2018 were 1.4 percent lower than the level posted in August 2017.
Meanwhile, for January to August 2018, cash remittances from OFs coursed through banks recorded a 2.5 percent growth from the same period a year ago to reach US$19.1 billion. Cash remittances sent by land-based workers rose by 2.1 percent to US$15.1 billion, and transfers from sea-based workers grew by 3.8 percent to US$4.0 billion. For August 2018, however, cash remittances posted a 0.9 percent decrease year-on-year to US$2.5 billion. The countries that contributed to the decline in August 2018 are the United Arab Emirates (UAE), Saudi Arabia and Qatar.
By country source, more than 79 percent of the total cash remittances for the first eight months of 2018 came from the United States, Saudi Arabia, UAE, Singapore, Japan, United Kingdom, Qatar, Canada, Germany, and Hong Kong.
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).