Remittance growth hits all-time high in December

MANILA, Philippines — Money sent home by Filipinos abroad hit an all-time high in December, bringing the 12-month tally slightly above the government’s target for 2018, the Bangko Sentral ng Pilipinas reported Friday.

Cash remittances grew 3.9 percent year-on-year in December to hit a record $2.8 billion.

For the entire 2018, cash remittances registered a 3.1 percent growth to $28.9 billion, a tad higher than the revised 3-percent target set by the central bank for the year.

“The countries that contributed most to the increase during the month were the United States and Canada,” the BSP said.

“The growth in cash remittances was supported by the transfers from both land-based and sea-based overseas Filipino workers, which grew by 2.8 percent and 4.6 percent from last year’s levels, respectively,” it added.

Money sent home by Filipinos working abroad is one of the Philippines’ main sources of dollars, helping the economy stay afloat by giving households more cash to spend and providing support to the local currency.

Remittances usually peak towards December every year as OFWs send more money to fund increased spending during the Christmas shopping season. — Ian Nicolas Cigaral