“This was attributed to the 11.7-percent drop in cash remittances from land-based workers which offset the 6-percent increase in transfers from sea-based workers,” the Bangko Sentral said in a statement. The countries that registered the biggest declines in cash remittances in September were Saudi Arabia, Kuwait, Qatar and Australia. Cash remittances in January to September reached $20.781 billion, up 3.8 percent from $20.025 billion in the same period last year. This brought personal remittances in the first nine months to $23.164 billion, up 4.8 percent from $22.108 billion on year. The bank said “at the current pace, total foreign remittances are going to reach a new record of circa $28 billion this year.”

Source: The Standard November 15, 2017 14:03 UTC