Remittances to Philippines hit new record in 2018
Monday, 18/02/2019 10:18 (GMT+7)
Personal remittances from overseas Philippine people reached USD3.2 billion in December 2018, up 3.6 percent year-on-year, the Philippines central bank said on February 15th.
Source: VNA
The countries that contributed most to the increase in the month were the US and Canada.
Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla said personal remittances reached USD32.2 billion last year, the highest annual level to date.
Personal remittances are a major driver of domestic consumption, accounting for 9.7 percent of the country’s gross domestic product (GDP) and 8.1 percent of the gross national income (GNI) in 2018, Espenilla added./.
CPV/VNA
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