The Bangko Sentral ng Pilipinas (BSP) said the United States (US) and United Arab Emirates (UAE) are top sources of overseas Filipino workers (OFW) remittances in February 2018.
BSP Governor Nestor Espenilla Jr announced on Monday, April 16, remittances from the US and UAE each contributed 1.2 percentage points to the 4.5% overall cash remittances growth in February.
Germany and Malaysia were also among the top sources of OFW remittances.
Meanwhile, in a bigger picture, cash remittances, or remittances sent through banks, totaled $2.27 billion in February 2018.
The 4.5% year-on-year growth from February 2017, however, is slower than remittances compared to that recorded in January 2018 at 9.7 %.
Cash remittances from land-based workers increased by 6.4% while remittances from sea-based workers increased by 9.8%.
Based on January and February remittance records, cash remittances totaled $4.6 billion. That is 7.1% higher compared to the $4.3 billion posted in the same period in 2017.
