Cash remittances up 7 percent at $2.6 billion in June: BSP

ABS-CBN News

Posted at Aug 16 2021 02:36 PM

MANILA - Cash remittances from overseas Filipinos coursed through banks rose by 7 percent to $2.638 billion in June compared to the $2.465 billion in the same month last year, the Bangko Sentral ng Pilipinas said Monday.

For the first half, the cash remittance rose to $14.918 billion higher by 6.4 percent than the same period last year with $14.019 billion, the BSP said in a statement.

The growth in cash remittance for the January to June period came largely from the United States, Malaysia, and South Korea. 

The US posted the highest share of overall remittances at 40.1 percent in the first six months of 2021, followed by Singapore, Saudi Arabia, the United Kingdom, Japan, the United Arab Emirates, Canada, South Korea, Qatar, and Taiwan.

Personal remittances from OFs also increased by 7.3 percent to $2.06 billion in June from $2.737 billion in the same comparable period, the central bank said.

This brought the cumulative personal remittances to $16.616 billion in the first 6 months of the year from $15.573, it said. 

In 2020, remittances defied experts' forecast by contracting less than expected due to the COVID-19 pandemic.

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