Remittances hit 1-year low in Septhome/Business/Top Business/Remittances hit 1-year low in SeptMONEY sent home by overseas Filipino workers (OFWs) fell to a one-year low in September, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday. “Similarly, the growth in personal remittances was complemented by remittances from sea- and land-based workers with contracts of less than one year, which rose by 3.5 percent year-on-year,” she added. Cash remittances, which only count money coursed through banks, rose by 2.3 percent to $2.237 billion in September from $2.186 billion a year earlier. Year to date, cash remittances grew by 2.5 percent to $21.294 billion from $20.781 billion last year and by 11.7 percent from the $19.057 billion as of August 2018. By country source, more than 79 percent of total cash remittances came from the United States, Saudi Arabia, the UAE, Singapore, Japan, the United Kingdom, Qatar, Canada, Germany and Hong Kong.

Source: Manila Times November 15, 2018 16:52 UTC