Philippine remittances up 6%

Remittances from overseas Filipino workers (OFWs) rose by 6 percent on year to 1.99 billion U.S. dollars in February due to the steady rise in cash transfers, the local central bank said Tuesday. The Philippine central bank said cash remittances grew 5.6 percent on year to 1.79 billion U.S. dollars in February. "Personal remittances continued to draw strength from the steady rise in transfers from land-based workers with long-term contracts, and sea-based and land-based workers with short-term contract," the central bank said in a statement. Total remittances in the first two months of the year grew 6.4 percent on year to 3.99 billion U.S. dollars. Major sources of remittances were the United States, Saudi Arabia, the United Arab Emirates, the United Kingdom, Singapore, Japan and Canada. The central bank said continued demand for skilled OFWs contributed to the steady flow of remittances.