Manila, July 16 -- Personal remittances from Overseas Filipinos (OFs) rose to USD2.9 billion in May 2019, a 5.5 percent increase from USD2.7 billion in May 2018.
On a cumulative basis, personal remittances for the period January-May 2019 increased by 4.1 percent to reach USD13.7 billion from last years' level of USD13.2 billion, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in a statement on Monday.
The steady growth in personal remittances during the first five months of 2019 drew support from the remittance inflows from land-based OF workers with work contracts of one year or more, which aggregated to USD10.5 billion from USD10.2 billion in the same period last year.
Inflows from the compensation of sea-based worke...