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  • Writer's pictureIAMTN

Filipino remittances

Remittances sent by Filipino migrant workers has normalized in May, bringinf the average remittance growth of the country to 4.2 percent in the first five months of the year—well within the government’s 4 percent projection for 2018.

Overseas Filipino Workers (OFWs) sent about $2.47 billion in remittances in May alone, growing 6.9 percent from the $2.31 billion seen in the same month last year.

Total cash remittances in January to May this year hit $11.82 billion, up from the $11.35 billion seen in the same five-month period last year.

By country source, cash remittances from the United States, Saudi Arabia, Singapore, United Arab Emirates, the United Kingdom, Japan, Qatar, Hong Kong, Germany and Kuwait accounted for about 78 percent of total cash remittances.

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