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Remittances hit $7.7b

By Julito G. Rada | Posted on Jun. 18, 2013 at 12:00am |

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PERSONAL remittances from migrant Filipino workers increased 7 percent in April to $2.003 billion from $1.871 billion year-on-year, driven by the demand for local workers overseas, the Bangko Sentral ng Pilipinas said Monday.
The Bangko Sentral said the May figure brought personal remittances in the first four months to $7.7 billion, up 6.4 percent from $7.2 billion on year.
Remittances of land-based workers comprised about three-fourths of the total. Remittances from sea-based and land-based workers with short-term contracts grew 9.4 percent.
“Cash remittances… coursed through banks also grew by 5.7 percent in the first four months to reach $6.9 billion, with sea-based and land-based workers’ remittances rising by 9.3 percent and 4.6 percent, respectively,” the central bank said.
The United States, Saudi Arabia, Canada, the United Kingdom, the United Arab Emirates, Singapore and Japan were the top sources of remittances.

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