OFW Remittances for May 2017 Grew 5.5% to $2.31 Billion Under Pres. Duterte


The critics of Pres. Rody Duterte warned before that he will find it difficult to handle the OFWs particularly in terms of remittance improvement but based upon the latest figures released by Bangko Sentral ng Pilipinas (BSP), OFW remittances for May 2017 grew 5.5 percent year-on-year to $2.31 billion.



Under the Duterte administration, cash remittances is above the $2-billion level for the 16th straight month.

SBP Governor Nestor A. Espenilla Jr. said that remittances from land-based OFWs in May rose 6.2 percent year-on-year to $1.8 billion while those from sea-based OFWs grew 3 percent to $500 million.

According to SBP the top contributors to the increase in cash remittances were the United Arab Emirates, Canada, Saudi Arabia and the United States.


From January to May, remittances totaled $11.35 billion, up 4.5 percent from $10.86 billion in the first five months of last year.

The BSP said cash remittances from Canada, Germany, Japan, Kuwait, Qatar, Saudi Arabia, Singapore, the UAE, the United Kingdom and the US accounted for fourth-fifths of the end-May total.

Based on updated projections released last month, the BSP said it expected cash remittances from Filipinos working and living abroad to reach another record-high of $28 billion by the end of this year.

The BSP has kept the 4-percent remittances growth target for 2017, although the value of the updated forecast was higher than the earlier projection of $27.7 billion.

Source: Inquirer / PIA


OFW Remittances for May 2017 Grew 5.5% to $2.31 Billion Under Pres. Duterte OFW Remittances for May 2017 Grew 5.5% to $2.31 Billion Under Pres. Duterte Reviewed by Phil Newsome on 7/18/2017 Rating: 5

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