Cash remittances up 4.6 percent in Jan-Feb: Bangko Sentral

ABS-CBN News

Posted at May 15 2020 01:35 PM

Cash remittances up 4.6 percent in Jan-Feb: Bangko Sentral 1
A staff at a money changer counts peso and dollar bills at their counter in Quezon City. Jonathan Cellona, ABS-CBN News/File

MANILA - Cash remittance from January to February grew 4.6 percent, the period before the coronavirus lockdown, the Bangko Sentral ng Pilipinas said Friday. 

Cash remittances for the first 2 months of 2020 reached $5 billion (P253 billion) from $4.8 billion in the same comparable period last year, the BSP said. 

Cash remittances for February totaled $2.36 billion (P119 billion) up 2.5 percent from $2.3 billion last year, it said. 

The US had the highest share of overall remittances at 39 percent, followed by Singapore, Japan, Saudi Arabia, UK, UAE, Qatar, Canada, Hong Kong and Korea, the BSP said.

Personal remittances from overseas Filipinos reached $2.62 billion in February, up 2.6 percent from $2.56 last year, the BSP said. Total remittances for the first 2 months of 2020 were up by 5 percent to $5.566 billion from $5.302 billion in the same period last year

Filipinos sent home a total of P30 billion (P1.5 trillion) in 2019, the BSP said in February.

-- with a report from Michelle Ong, ABS-CBN News