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Philippine remittances from UAE show biggest jump among major sources

DUBAI- Among the major sources of personal remittance inflows to the Philippines, the United Arab Emirates came on top in terms of  percentage increase in remittances sent home by Pilipinos working abroad, according to the Bangko Sentral ng Pilipinas (BSP).

This suggests that job creation in the UAE and deployment of Filipino workers to the Emirates are healthy as the Arab nation continues its economic recovery and development.

In the eight months to August, remittance inflows from the UAE totaled $737,260, up 26.8 % from the same period a year ago, latest preliminary data from the BSP showed.  This growth outpaced the increase in remittance inflows  from other major sources of remittances including the US and UK.

The central bank said the other sources of worker remittances to the Philippines were the United States,  Saudi Arabia, the United Kingdom, Singapore, Canada, and Japan.  Remittance inflows  in January-August period in the U.S. were up 7 percent from yearago; Saudi Arabia up 16.4 percent ; UK  up 20.4 percent; and Singapore up 21.6 percent.  Remittances from  Canada  fell 48 percent while repatriation from  Japan went down 32.6 percent.

Across  the globe, personal remittances from overseas  Filipinos totaled $16 billion in January-August of this year,  up 6.6 percent from the same period last year. In August alone, these remittances reached $2.1 billion,  the fifth consecutive month that personal remittances exceeded the $2 billion mark.

Remittances from around 10 million Filipinos living and working abroad, who account for about 10 percent of the Philippine population,  are  the lifeblood of the Philippine economy,  keeping consumer spending robust and providing support to the peso.

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