Remittances grow 7.6% to $3.7-B in Jan-Feb

STRONG START. Personal remittances from overseas Filipino workers (OFWs) rise over 7% in January-February 2013. Photo by AFP

MANILA, Philippines - Filipinos working and living abroad sent home $3.7 billion in personal remittances in January to February 2013, 7.6% more than the amount recorded in same period last year.

In a statement released Monday, April 15, the Bangko Sentral ng Pilipinas (BSP) said personal remittances, including cash and non-cash inflows, grew on the back of higher demand for Filipino workers around the globe.

"Remittances continued to draw strength from higher transfers from land-based overseas Filipino workers with work contracts of one year or more as well as sea-based and land-based workers with short-term contracts," the BSP said.

In February alone, the BSP said personal remittances rose 6.9% year on year to $1.9 billion.

Cash remittances, which accounted for a big chunk of the amount and were coursed through banks, also registered strong growth. They grew by an annual 7% in the first two months to $3.4 billion.

The BSP said cash remittances came mainly from the United States, Canada, Saudi Arabia, United Kingdom, United Arab Emirates, Singapore and Japan. - Rappler.com