Remittances to Philippines hit new record in 2018

Personal remittances from overseas Philippine people reached US$3.2 billion in December 2018, up 3.6 percent year-on-year, the Philippine central bank said on February 15. 
Illustrative image (Source: internet)
Illustrative image (Source: internet)
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 $32.2 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.

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