Cash remittances hit $2.38 billion in November, up 0.3 percent

ABS-CBN News

Posted at Jan 14 2021 05:57 PM

Cash remittances hit $2.38 billion in November, up 0.3 percent 1
Returning Overseas Filipino Workers (OFW) wait in line at the Ninoy Aquino International Airport (NAIA) Terminal 2 in Pasay City on May 25, 2020. Jonathan Cellona, ABS-CBN News

MANILA - Cash remittances from overseas Filipinos rose 0.3 percent to $2.379 billion in November last year, the Bangko Sentral ng Pilipinas said on Thursday. 

From January to November 2020, cash remittances totaled $27.013 billion, representing a decrease of 0.8 percent from the $27.231 billion registered in the same period last year, the BSP said. 

Cash remittances from Saudi Arabia, Japan, the UK, the UAE, Germany, and Kuwait declined. Remittances from US, Singapore, Qatar, Oman, Hong Kong, and Taiwan meanwhile increased. 

"The US posted the highest share of the total remittances at 40.1 percent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar, and Korea," the central bank said.

Meanwhile, personal Remittances rose 0.1 Percent in November to $2.643 billion.

For the first eleven months of 2020, personal remittances reached $29.988 billion, representing a cumulative contraction of 0.9 percent compared to the same month last year.

Remittances have so far defied the bleak forecasts of some economists who warned of massive contraction due to the economic impact of the COVID-19 pandemic on the host countries of millions of overseas Filipinos. 

Money sent home by overseas Filipinos power domestic consumption which helps drive the Philippines' economic growth. 

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