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November 17, 2014 - Philippine Remittances Continue to Increase from Overseas Filipinos
Personal Remittances Continue to Rise in September 2014; First Nine Months Level Reaches US$19.6 Billion - by The Philippine Central Bank
Personal remittances from overseas Filipinos (OFs) amounted to US$2.3 billion in September 2014, rising by 8.1 percent relative to the comparable period last year. On a cumulative basis, personal remittances for the period January–September 2014 reached US$19.6 billion, representing a 6.7 percent year-on-year growth, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today.1 The increase in personal remittances in the first nine months of the year was driven largely by the steady increase in transfers from land-based workers with work contracts of one year or more (5.4 percent), and sea-based and land-based workers with work contracts of less than one year (8.2 percent).
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