Personal Remittances Reach US$5.3 Billion for the First Two Months of 2019

BUSINESS
April 15, 2019

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Personal remittances from overseas Filipinos (OFs) amounted to US$2.56 billion in
February 2019, higher by 1.2 percent from US$2.53 billion in February 2018. This brought the
cumulative remittances for the first two months of the year to US$5.30 billion, representing a
2.3 percent year-on-year growth, BSP Governor Benjamin E. Diokno announced today.1Personal
remittances from sea-based and land-based workers with work contracts of less than one year
rose by 8.5 percent to US$0.57 billion in February 2019 from US$0.53 billion in February 2018.
This compensated for the 0.43 percent decline in the personal remittances from land-based
workers with work contracts of one year or more, to US$1.93 billion from US$1.94 billion.

Meanwhile, cash remittances from OFs coursed through banks posted a 1.5 percent
growth to US$2.30 billion in February 2019 from US$2.27 billion last year. For the first tw o
months of 2019, cash remittances amounted to US$4.78 billion, an increase of 3.0 percent
compared to the US$4.65 billion level in the same period last year. This growth was supported
by the increase in remittances from both land-based (US$3.73 billion) and sea-based
(US$1.06 billion) workers, which rose by 1.0 percent and 10.5 percent, respectively. By country

source, the United States registered the highest share of overall remittances for the period at
35.5 percent. It was followed by Saudi Arabia, Singapore, United Kingdom, United Arab Emirates,
Japan, Canada, Qatar, Hong Kong, and Germany.2 The combined remittances from these
countries accounted for 77.3 percent of total cash remittances for January to February 2019.

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