Personal remittances sent by overseas Filipino workers (OFWs) into the Philippines reached its highest year-on-year level of $2.28 billion in the month of November.
Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed that personal remittances from overseas Filipinos breached the $2-billion mark for the eighth consecutive month in November, representing a 9.5-percent year-on-year rise.
For the first 11 months of the year, OFW remittances reached $22.7 billion, posting a growth of 7.1 percent from the year-ago level.
“The steady deployment of OFW workers remained the key driver of growth in remittance flows for the first 11 months of the year,” the central bank stated.
Furthermore, the BSP attributed the sustained expansion in remittance flows to the 5.5-percent growth in transfers from land-based OFWs with work contracts of one year or more, whose remittances comprised about 75 percent of the total transfers from January to November 2013.
Remittances from both sea-based and land-based workers with short-term contracts also recorded an expansion of 8.2 percent.
“Other household-to-household transfers comprising largely of cash transfers from Filipinos who have migrated abroad also rose significantly,” the BSP noted.
The central bank data also showed that cash remittances coursed through banks rose by 7.5 percent year-on-year to $2.06 billion in November.
From January to November, cash remittances reached $20.6 billion, posting a growth of 6.1 percent, higher than the level registered in the same period in 2012.
Cash transfers from both land-based ($15.8 billion) and sea-based workers ($4.8 billion) grew by 5.5 percent and 8.2 percent, respectively.
The BSP data showed that the United States, Saudi Arabia, the United Kingdom, the United Arab Emirates, Singapore, Canada, and Japan were the major sources of cash remittances.
The BSP earlier said that cash remittances may expand by 5 percent to reach P22.5 billion in 2013.