Remittances up 5.5 pct in May to $2.31B

ABS-CBN News

Posted at Jul 17 2017 04:31 PM

MANILA - Remittances reached $2.31 billion in May, 5.5 percent higher compared to the same month last year. 

Cash remittances in the first five months of the year rose 4.5 percent from a year earlier to $11.35 billion.

Personal remittances, which represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers, rose 5.2 percent in January to May to $12.61 billion.

The Philippines is one of the world's largest recipients of remittances, with millions of Filipinos working overseas sending home money that helps power domestic consumption, a key driver of economic growth.