This brought cash remittances in the first five months to $11.346 billion, up 4.5 percent from $10.859 billion registered a year ago. The primary contributors to the growth in May remittances were the United Arab Emirates, Canada, Saudi Arabia and the United States. Bangko Sentral Deputy Governor Diwa Guinigundo said the 4-percent expansion would translate into a record $28 billion remittances this year from $26.9 billion posted in 2016. The $26.9 billion total value of remittances last year accounted for around 10 percent of GDP, which grew 6.9 percent in 2016, one of the fastest in the region. “At the current pace, total foreign remittances are going to reach a new record of circa $28 billion this year,” DBS said.

Source: The Standard July 17, 2017 11:48 UTC