Overseas remittances strong, hitting $2.7B

Cash sent home by Filipinos working and living overseas continued to increase in April, Bangko Sentral ng Pilipinas (BSP) data showed, reflecting stable global employment abroad.

- BY DERCO ROSAL

Money sent in by overseas Filipinos (OFs) increased by four percent to $2.7 billion in April from $2.6 billion in the same month last year, the BSP reported.

Cash remittances for the first four months also rose by three percent to $11.1 billion from $10.78 billion posted in the same period last year.

Cash remittances coursed through banks in the first four months were predominantly from the United States (US), followed by Singapore, Saudi Arabia, and Japan, according to BSP's statement released on Monday, June 26.

As such, remittances for these countries were the drivers of the overall increase during the period.