Cash remittances up 12.7 percent in April; personal remittances 'higher' than pre-pandemic level

ABS-CBN News

Posted at Jun 15 2021 05:10 PM

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.

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