Filipinos remitted $30 billion in cash in 2019, setting new record

ABS-CBN News

Posted at Feb 17 2020 01:24 PM | Updated as of Feb 17 2020 03:17 PM

MANILA -- Filipinos overseas sent home a record $30 billion (P1.5 trillion) in 2019, defying global uncertainties, the Bangko Sentral ng Pilipinas said Monday.

Cash remittances, or those coursed through banks, grew 4.1 percent from $28.9 billion in 2018, the BSP said. Personal remittances, which includes transfers in kind, reached $33.5 billion in 2019, up 3.9 percent, the BSP said.

"Notwithstanding pockets of political uncertainties across the globe, cash remittances in 2019 remained strong," the BSP said. 

Remittances from Asia grew 12.3 percent. Growth was at 10.6 percent from the US and 4.8 percent from Africa, offsetting the 9.8 percent decline from the Middle East, it said.