Philippines remittances hit record high in November

Posted at 01/15/2014 5:48 PM | Updated as of 01/15/2014 7:22 PM

MANILA, Philippines - Remittances rose to an all-time high in November, as overseas Filipinos sent more money than usual to help their families affected by super typhoon "Yolanda" (Haiyan).

Remittances rose 9.5% to a record high of $2.286 billion in November, the 8th month in a row it exceeded $2 billion.

Total personal remittances represent the sum of net compensation, household-to-household transfers in cash and kind, and capital transfers of overseas Filipino workers.

For the first 11 months, remittances were up 6.1% at a record high of $20.605 billion.

The steady deployment of overseas Filipino workers remained one of the key drivers of growth in remittance flows, the central bank said in a statement.

The central bank expects cash remittances to exceed its 5 percent growth forecast this year, with Filipinos overseas likely to send more money to help their families as they rebuild their homes and livelihood after typhoon Haiyan.

The major sources of cash remittances in November were the United States, Saudi Arabia, the United Kingdom, United Arab Emirates, Singapore, Canada and Japan. - With Reuters