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Jun 19 18, 8:46 am

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OFWs from UAE, Saudi among top sources of cash remittances, says BSP

by | TOP STORIES

Jun. 19, 18 | 8:46 am

Overseas Filipino workers (OFWs) from UAE and Saudi Arabia are among the top sources of cash remittances to the Philippines, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, June 18.

BSP reported that the countries where most cash remittances came from for the month of April 2018 were the United States, Saudi Arabia, the United Arab Emirates, Japan, Singapore, United Kingdom, Canada, Germany, Qatar and Kuwait.

Remittances from the above mentioned countries make up 80 per cent of the total cash remittances to the country for the said month.

BSP also reported an increase in the remittances of OFWs following a plunge in remittances from last month.

Following a 9.8 per cent fall in OFW remittances in March, remittances from OFWs in April reported a 12.7 per cent increase, the fastest monthly remittance growth since November 2016.

The increase brought a total of $2.35 billion cash to the country in April and a total of $9.4 billion for the first four months of the year, 3.5 per cent higher compared to the same period last year.

The rise is attributed to the increase in remittances from both land-based and sea-based OFWs.

Remittances from land-based OFWs recorded a 15.1 per cent increase at $1.8 billion while remittances from sea-based OFWs grew 4.8 per cent at $500 million.

 

Peso-dirham exchange rate reaches record-breaking Php 14.33

by  | News

The peso-dirham rate has been hovering at the P13.95 to P14.04 range during the early months of 2018. It hit the Php14-mark in August last year. The current Php14.30 rate is the highest in over 10 years

As the month-end payday draws near, the latest peso-dirham rate hit a record-breaking Php 14.33.

Michelle Sanchez, Corridor Head for UAE Exchange says the trend of the rates has been within the Php 14.30 mark in the past few days. She attributes the exchange rate to the strengthening of the US dollar.

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Woman in UAE sold 48 cars without ownership papers

A woman (nationality withheld) in UAE, who sold 48 second-hand cars without proper documents, was ordered by the UAE court to pay her victim Dh516,000. The used vehicles were imported from the U.S. After paying her more than Dh500,000 for all the 48 cars, the accused...

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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