Decline in cash remittances not as steep as forecast: BSP


Posted at Feb 15 2021 05:38 PM

Decline in cash remittances not as steep as forecast: BSP 1
US dollars. ABS-CBN News file photo

MANILA - Cash remittances from overseas Filipinos fell 0.4 percent to $2.89 billion in December last year, the Bangko Sentral ng Pilipinas said on Monday. 

For the whole of 2020, cash remittances amounted to $29.9 billion, lower by 0.8 percent than the $30.133 billion registered in 2019, the BSP said. 

“The actual annual decline in 2020 was, however, lower than the earlier forecast contraction of 2 percent for the year,” the central bank said. 

Cash remittances from Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Germany, and Kuwait declined, while those from the United States, Singapore, Canada, Hong Kong, Qatar, South Korea, and Taiwan increased, the BSP said.

The US posted the highest share of the total remittances at 39.9 percent, followed by Singapore, Saudi Arabia, Japan, the UK, the UAE, Canada, Hong Kong, Qatar, and South Korea.

The combined remittances from these countries accounted for 78.6 percent of the total cash remittances.

Meanwhile, personal remittances, which includes both cash and non-cash items sent home, fell slightly by 0.3 percent year-on-year to $3.205 billion in December 2020 from$3.216 billion in December 2019. 

The full-year 2020 personal remittances$33.2 billion, lower by 0.8 percent than in 2019. 

The Philippines is one of the world’s largest recipients of remittances, which power local consumption and drive the economy. 

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