Hanoi (VNA) - Personal remittances from Overseas Filipino Workers (OFWs) for the first four months of the year totalled 10.4 billion USD, a rise of 4 percent year-on-year, said the Central Bank of the Philippines on June 19.
 
The bank governor Nestor Espenilla said the continued growth in personal remittances during the first four months of 2018 was driven by steady remittance inflows from land-based OFWs with work contracts of one year or more, which aggregated to 8.1 billion USD. Meanwhile, compensation of sea-based workers and land-based workers with short-term contracts reached 2.1 billion USD.
  
He added that personal remittances from OFWs increased by 12.9 percent against the same period last year to reach 2.6 billion USD in April 2018.

Cash remittances from OFWs coursed through banks posted a 12.7 percent year-on-year growth, at 2.3 billion USD in April 2018, Espenilla noted.
 
The primary contributors to the growth in remittances during the month are those from the US with 4.2 percentage points, Canada with 1.9 percentage points and Singapore with 1.0 percentage points, he said.-VNA