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Pinoy sea-based workers' remittances increased by 9.8 percent to $1 billion in Jan-Feb 2018

Dollars remitted by expatriate Filipinos continue to rise
By: Daxim L. Lucas / PM April 16, 2018


Dollars sent back home by expatriate Filipinos continued to rise in February on the back of larger remittance volumes from both land- and sea-based workers, the Bangko Sentral ng Pilipinas said on Monday.

The central bank data did not indicate if the higher remittances were due to rising number of overseas worker deployments or simply larger amounts being sent home by Filipinos.

Land-based workers with work contracts of one year or more recorded a 6.5 percent growth to $4 billion while those from sea-based and land-based workers with work contracts of less than one year rose by 9.7 percent to $1 billion.

Meanwhile, cash remittances from overseas Filipinos coursed through banks reached $2.3 billion in February 2018, up by 4.5 percent year-on-year.

For the first two months of 2018, cash remittances totaled $4.6 billion, an increase of 7.1 percent compared to the $4.3 billion level posted in the same period last year. This was supported by the cash remittances both from land-($3.7 billion) and sea-based ($1 billion) workers which increased by 6.4 percent and 9.8 percent, respectively.