MANILA, Jan. 15 (Xinhua) -- The Central Bank of the Philippines said on Monday that personal remittances from overseas Filipinos reached 2.5 billion U.S. dollars in November 2017, or 3.2 percent higher than the level posted in the same month in 2016.
"This brought the cumulative remittances for the first eleven months of 2017 to 28.2 billion U.S. dollars, representing a year-on-year growth of 5.1 percent," said central bank Governor Nestor Espenilla.
He said the growth in personal remittances from January to November 2017 was supported by the sustained expansion of remittances from land-based overseas Filipinos with work contracts of one year or more as well as those from sea-based and land-based overseas Filipinos with work contracts of less than one year.
The top countries that contributed to the growth in cash remittances during the month were the United States and Germany, he said.