Business and Economy
Remittances exceed $2-B mark
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MANILA — The country’s remittances rose to $2.01 billion in April , the earliest month in history exceeding the $2 billion mark, according to a data from the central bank.
“The steady demand for skilled Filipino manpower provided support to the continued growth in remittance inflows,” the Banko Sentral ng Pilipinas said in a statement Monday.
Cash coming from overseas Filipino workers (OFWs) grow by 5.1 percent this year.
The growth indicates a slow down from the 11.3-percent expansion recorded in March.
The total for the four months stood at $7.81 billion, which shows a 5.4 percent compared to the first quarter last year.
The list of countries which are the main sources of the cash transfer includes the United States, Saudi Arabia, United Arab Emirates, United Kingdom, Singapore, Japan, Hong Kong and Canada.
