June 17, 2013

Remittances up in April, grow 6.1%

Money sent home by Filipinos abroad bounced back in April, accelerating from a four-year slump the previous month to hit $1.804 B, the Bangko Sentral ng Pilipinas (BSP) reported on Monday. The month’s figure represented cash remittances coursed through banks which grew 6.1% year-on-year, preliminary figures showed.

April’s growth rate was a recovery from a dismal  3-percent expansion in March, the slowest in four years. From January to April, cash remittances rose 5.7% to $6.916 B, above the BSP’s five-percent growth forecast for the year.

By country, the BSP said bulk of the remittances, accounting for 75.9% of the total, came from the United States, Saudi Arabia, Canada, the United Kingdom, the United Arab Emirates, Singapore and Japan. Money from seafarers grew faster than that from land-based workers, BSP said. The former expanded 9.3%, while the latter increased 4.6%. - WealthSec