Cash remittances up 2.5 percent at $2.85 billion in July: BSP

ABS-CBN News

Posted at Sep 15 2021 03:22 PM

MANILA - Cash remittances coursed through banks from overseas Filipinos reached $2.853 billion in July, data from the Bangko Sentral ng Pilipinas released Wednesday showed.

The total is 2.5 percent higher compared to the $2.783 billion posted in the same month last year, the BSP said in a statement.
 
The increase was attributed to the growth in remittances from land-based and sea-based workers, it said.

Growth in the first 7 months mainly came from the United States, Malaysia and South Korea, the central bank said.

In terms of country, the US registered the highest share of overall remittances at 40.4 percent in January to July 2021, followed by Singapore, Saudi Arabia, Japan, United Kingdom, the United Arab Emirates, Canada, South Korea, Qatar and Taiwan, the BSP said.

Combined remittances from the top 10 countries accounted for 78.6 percent of the total cash remittances, it added.

Meanwhile, personal remittances from OFs rose 2.6 percent to $3.167 billion in July from $3.085 billion in the same month last year, which brought the January to July total to $19.783 billion, up 6 percent compared to $18.658 last year, data showed.

In 2020, remittances defied bleak forecasts by analysts, contracting by just 0.8 percent despite the COVID-19 pandemic.

Remittances continue to be a billion-dollar industry despite the negative impact of the pandemic, a stakeholder earlier said. 

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