Remittances rise 5.3% in April

Posted at 06/15/2012 3:46 PM

MANILA, Philippines - Overseas Filipinos sent home $1.701 billion in remittances in April, 5.3% higher than the same month last year, according to data from the Bangko Sentral ng Pilipinas.

The total remittances from January to April stood at $6.54 billion, up 5.4% year-on-year.

The BSP left its main policy rate unchanged at a record low of 4% on Thursday as it expects the economy to stay resilient, supported by strong consumer demand.

Remittances, which help power domestic consumption, is expected to grow 5% this year, slowing from the previous year's annual climb of 7.2%. Remittances in 2011 reached $20.12 billion. 

Major sources of remittances in April were the United States, Canada, Saudi Arabia, United Kingdom, Japan, United Arab Emirates, Singapore, Italy, Germany, and Hong Kong.