July 16, 2013

Remittances hit 5-month high

Money sent home by Filipinos abroad continued its growth in May, hitting a five-month high of $1.867 B, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. For the first five months, the tally already rose 5.6% year-on-year to $8.783 B, faster than the central bank’s 5-percent growth projection for the whole 2013.

Land-based overseas Filipinos sent the bulk of money home versus seafarers. As of May, the former sent a total of $6.7 B, while the latter contributed $2.1  B.

By country, the United States remained the top source of remittances from January to May, accounting for 43.9% of the total. Efforts by banks to establish more branches and  offices abroad paid off as overseas Filipinos find more medium to send their money back to their families. - WealthSec