Cash remittances expand in February: Bangko Sentral

ABS-CBN News

Posted at Apr 15 2021 11:35 AM

MANILA - Cash remittances from overseas Filipinos coursed through banks rose in February, the Bangko Sentral ng Pilipinas said Thursday.

Cash remittances in February 2021 grew 5.1 percent to $2.477 billion from $2.358 billion in the same month last year, the BSP said in a statement. 

"The growth in cash remittances for January–February 2021 emanated mainly from the United States (US), Malaysia, and Singapore," the statement said.

The US registered the highest share to overall remittances at 41 percent for first 2 months followed by Singapore, Saudi Arabia, Japan, UK, UAE, Canada, Malaysia, Taiwan and Qatar, it said.

Personal remittances from overseas Filipinos reached $2.671 billion in February, up 5.3 percent compared to the $2.623 billion in the same month last year, the BSP said.

For the first 2 months of 2021, remittances reached $5.655 billion or a 1.6 percent growth from $5.566 billion in the comparable period in 2020, the BSP said.

Remittances in 2020 defied forecasts but still fell in 2020, partly due to the impact of the COVID-19 pandemic. Cash remittances from overseas Filipinos coursed through banks contracted by just 0.8 percent for the year.

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