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December 15, 2014 - Philippine OFW Remittances on Sustained Increase
Personal Remittances Hit US$2.5 Billion in October 2014; January-October Level Reaches US$22 Billion - by The Philippine Central Bank
Personal remittances from overseas Filipinos (OFs) in October 2014 amounted to US$2.5 billion, increasing by 6.9 percent from the level sent in October last year. On a year-to-date basis (January-October), therefore, remittances grew by 6.7 percent to US$22 billion, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today. Personal remittances continued to draw strength from the sustained rise in transfers from land-based workers with work contracts of one year or more (5.6 percent) as well as sea-based and land-based workers with work contracts of less than one year (8.1 percent).
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