Personal remittances from overseas Philippine people reached 3.2 billion USD in December 2018, up 3.6 percent year-on-year, the Philippine central bank said on February 15.
Hanoi (VNA) - Personal remittances from overseas Philippine people reached3.2 billion USD in December 2018, up 3.6 percent year-on-year, the Philippinecentral bank said on February 15.
Thecountries that contributed most to the increase in the month were the US andCanada.
BangkoSentral ng Pilipinas (BSP) Governor Nestor Espenilla said personal remittancesreached 32.2 billion USD last year, the highest annual level to date.
Personalremittances are a major driver of domestic consumption, accounting for 9.7percent of the country’s gross domestic product (GDP) and 8.1 percent of thegross national income (GNI) in 2018, Espenilla added.-VNA
Foreign investment pledges approved by the Philippines’ investment promotion agencies increased by 31.2 percent to 245.2 billion PHP (5.2 billion USD) last year.
The central bank of the Philippines reported on May 16 that the amount of remittances sent back home by overseas Filipinos has reached 7.8 billion USD in the first quarter of 2018, up 1.3 percent year-on-year.
Personal remittances from Overseas Filipino Workers (OFWs) for the first four months of the year totalled 10.4 billion USD, a rise of 4 percent year-on-year, said the Central Bank of the Philippines on June 19.
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