Remittances from overseas Filipino workers (OFW) grew 3.7 percent in April to $2.71 billion from $2.61 billion in the same month last year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Monday.
“On a cumulative basis, personal remittances for the first four months of 2019 totaled $10.81 billion, higher by 3.7 percent than the $10.42 billion level recorded in the same period last year,” Diokno said.
The BSP chief attributed the remittance growth to the $8.2 billion remitted by land-based OFW with work contracts of one year or more and $2.3 billion from sea-based workers and land-based workers with contracts of less than a year during the month.
Cash remittances from OFW coursed through banks during the month reached $2.4 billion, a 4 percent hike from the registered $2.3 billion in April 2018.
Year-to-date, cash remittances likewise grew 4.1 percent to $9.73 billion from only $9.35 billion in the January to April 2018.
“By country source, the US registered the highest share of overall remittances for January to April 2019 at 35.9 percent. It was followed by Saudi Arabia, Singapore, United Arab Emirates, the UK, Japan, Canada, Hong Kong, Qatar and Germany,” the BSP said.
“The combined remittances from these countries accounted for 78 percent of total cash remittances from January to April 2019,” it added.