MANILA – Cash remittances from Filipinos overseas rose 12.7 percent in April from the same period in the previous year, the fastest in 17 months, data from the Bangko Sentral ng Pilipinas showed.
Cash remittances, or those coursed through banks, totaled $2.3 billion, bringing the total in the first 4 months of the year to $9.4 billion, a 3.5-percent increase from January to April 2017, the BSP said.
The top remittance sources in April were the US, Saudi Arabia, the United Arab Emirates, Japan, Singapore, United Kingdom, Canada, Germany, Qatar and Kuwait, the BSP said.
The 12.7-percent year-on-year increase in April remittances was the highest since November 2016, according to Bloomberg.
Personal remittances, which includes cash and non-cash items, rose 12.9 percent in April to $2.6 billion, bringing the January to April total to $10.4 billion, up 4 percent compared to the first 4 months of 2017, the BSP said. (ABS-CBN News)
