PH overseas remittances rise to record in December

Posted at 02/17/14 4:50 PM

MANILA, Philippines - Remittances rose to a record high in December as overseas Filipinos continued to send more money to help their families affected by typhoon "Yolanda", as well as for holiday spending.

Remittances rose 9.1% to $2.2 billion in December, the ninth month in a row it exceeded $2 billion.

For the whole year, cash remittances rose 6.4% to $22.8-billion, which is above the government's projected 5% growth for the year.

Major sources of cash remittances were the US, Saudi Arabia, United Kingdom, United Arab Emirates, Singapore, Canada and Japan. - ANC