Malaya: Remittances post record $1.9B in October

Remittances post record $1.9B in October

Remittances from overseas Filipinos coursed through banks posted a monthly record-high last October.

Bangko Sentral ng Pilipinas said that October remittances hit $1.9 billion, beating September’s $1.838 billion.

Inflows from Filipinos working abroad seem not to be affected by continuing crisis in Europe inasmuch as the bulk of workers are in the United States and Canada.

October’s level also represents an increase of 8.5 percent from the year-ago figure of $1.77 billion.

This brought cumulative cash transfers in January-October to $17.5 billion, higher by 5.8 percent than the level posted in the same period last year.

Remittances of land-based workers, which grew by 3.7 percent to reach $13.5 billion in the first ten months of the year, accounted for 77 percent of total cash remittances.

In addition, remittances of sea-based workers rose appreciably by 13.7 percent year-on-year to reach $4 billion during the ten-month period.

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