MANILA – Cash remittances from overseas Filipinos reached $2.4 billion in Nov. 2019, up 2 percent year on year, the Bangko Sentral ng Pilipinas said Wednesday.
From Jan. to Nov. last year, cash remittances, or those coursed through banks, totaled $27.2 billion, up 4.4 percent from the same period in 2018.
Personal remittances, including those in kind and house-to-house transfers, grew 4.1 percent to $30.3 billion in the Jan. to Nov. period.
By country, the US was the biggest source of remittances accounting for 37.7 percent of the total. Saudi Arabia was second, followed by Singapore, Japan, UAE, UK, Canada, Hong Kong, Germany, and Qatar.
The Philippines is one of the world’s biggest recipients of remittances from its expatriates, helping drive consumption that powers the domestic economy. (ABS-CBN News)
