Manila, Philippines – A whopping $20.7 billion (Dh76 billion) have been transferred to the Philippines in the last eight months, and a major source of that money is the UAE, according to the latest official figures.
Remittances play a huge role in shaping a better life for many dependent families outside developed economies.
The Philippines’ central bank confirmed that the amount of money moved by Filipinos to their home country continued to rise in August 2017, posting a 9.4 per cent year-on-year growth.
Expatriates from the UAE are among the most prolific senders, with the bulk of cash remittances during the first eight months of the year originating from the emirates, as well as from Saudi Arabia, Singapore, Japan, United Kingdom, Qatar, Kuwait, Germany and Hong Kong.
“The primary contributors to the rise in cash remittances during the month [August] are the UAE, United States, Singapore and Qatar,” the Bangko Sentral ng Pilipinas said in a statement.