By Staff writer
Remittances from overseas Filipinos reached $2.4bn in November, says Central Bank
Overseas remittances to the Philippines reached $26.9 billion (AED98.72bn) in January to November period, growing 5.1 percent year-on-year, according to official figures.
The majority of these remittances come from Gulf countries - the UAE, Saudi Arabia and Qatar - and the United States, Bangko Sentral ng Pilipinas, the central bank, said.
Remittances from overseas Filipinos reached $2.4bn (AE654m) in November 2016, rising 18.4 percent from the year-ago level.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr., said the increase in personal remittances was driven by the 7.8 percent expansion in transfers from land-based workers with work contracts of one year or more to reach $20.9bn (AED5.69bn).
By country source, the bulk of cash remittances came from the US, Saudi Arabia, the UAE, Singapore, the United Kingdom, Japan, Qatar, Kuwait, Hong Kong, and Germany.
Combined remittances from these countries accounted for more than 80 percent of the total cash remittances in the first 11 months of 2016, the bank said.
The World Bank estimated in October last year that weak global growth is likely to slow down remittances to developing countries, adding inflows from Filipinos abroad will reach the slowest pace in 10 years. It expected remittance flows to low- and middle-income countries to reach $442bn (AED120.43bn) in 2016, rising 0.8 percent than $438.6bn (AED119.51bn) in 2015.