Filipinos working in the UAE and other parts of the globe remain the driving force of the economy, with their aggregate money transfers reaching Dh71.6 billion in only eight months, according to the latest data.

The Philippines’ central bank announced on Monday that the biggest chunk of cash (80 per cent) repatriated by expatriate workers came from the pockets of Filipinos based in the UAE, United states, Saudi Arabia, Singapore, United Kingdom, Japan, Qatar, Kuwait, Hong Kong and Germany.

The amount of personal remittances, recorded during the first eight months of 2016, represents a 16 per cent increase over the same period a year ago, the latest statement from the Bangko Sentral ng Pilipinas confirmed.

A huge part of the personal remittances, amounting to $15.1 billion, came from Filipino expatriates who have valid work contracts of at least one year. A smaller portion, pegged at $4.1 billion, came from the earnings of overseas workers with work contracts of less than one year.

The amount of cash remitted through banks posted a 16.3 per cent increase in August 2016. In particular, cash remittances from “land-based” workers rose by 6.5 per cent to $13.9 billion, while those transferred by sea-based expatriates - those working as sailors - dropped slightly by 1.9 per cent to reach $13.9 billion.

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