MANILA - Cash remittances from overseas Filipinos coursed through banks rose in April due to the increased contributions by land-based and sea-based workers, the Bangko Sentral ng Pilipinas said Tuesday.
Cash remittances from OFs rose 12.7 percent to $2.305 billion in April from $2.046 billion in the same period last year, BSP data showed.
From January to April, cash remittances reached $9.898 billion, higher by 4.8 percent compared to the same period a year ago, the central bank said.
Personal remittances reached $2.574 billion in April 2021, up 13.1 percent compared to $2.276 billion in the same month last year.
For the first four months of the year, personal remittances reached $11.028 billion which was 5.1 percent higher compared to the same period in 2020, data showed.
The total is also higher than the $10.811 billion in the same period in 2019 or before the COVID-19 pandemic, the BSP said.
BSP Gov. Benjamin Diokno earlier said the pandemic-induced decline in remittances was not as steep as projected.
Cash remittances contracted by 0.8 percent in 2020, slower than the projected 2 percent drop, the BSP earlier said.