THE amount of dollars sent home by expatriate Filipinos rose further in the first nine months of the year, but data from the Bangko Sentral ng Pilipinas (BSP) also showed a continuation of flat growth trend in recent months for remittances, a key leg of the country’s economy.
In a statement, BSP Deputy Govenor Cyd Tuaño-Amador said personal remittances from overseas Filipinos increased by 2.4 percent year-on-year to reach $23.7 billion in the first nine months of 2018.
The central bank’s data revealed a monthly rise in cumulative amounts of remittances this year have been moderating, compared to monthly data for the same periods last year.
Personal remittances from land-based workers with work contracts of one year or more grew by 2.2 percent to $16.3 billion.
Similarly, the growth in personal remittances was complemented by remittances from sea- and land-based workers with contracts of less than one year, which rose by 3.5 percent year-on-year.
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