MANILA - Cash remittances coursed through banks dropped 4.1 percent in August due to reduced remittances from both land-based and sea-based workers, the Bangko Sentral ng Pilipinas said Thursday.
Cash remittances by overseas Filipinos coursed through banks declined to $2.483 billion in August from $2.589 billion during the same period last year, the BSP said in a statement.
Total cash remittances for the January to August period reached $19.285 billion or 2.6 percent lower than $19.808 billion in the same comparable period in 2019, it said.
Remittances from land-based and sea-based workers fell 1.9 percent, the central bank said.
The decline in remittances in August compared to the same month last year was noted from Saudi Arabia, Japan and the UAE, the BSP said. These were partly offset by remittance growth from the United States, Singapore, and Malaysia.
The US registered the highest share of total OF cash remittances at 40.2 percent, followed by Singapore, the United Kingdom, Japan, Saudi Arabia, United Arab Emirates, Canada, Hong Kong, Taiwan, and Qatar.
Personal remittances from overseas Filipinos in August 2020 also dropped 4.2 percent year-on-year to $2.756 billion from $2.875 billion, the BSP said.
Cumulative remittances for the first 8 months of the year is at $21.414 billion or 2.6 percent lower than the $21.995 billion in the same comparable period last year, it said.
BSP Gov. Benjamin Diokno earlier said dollar remittances could contract by up to 5 percent this year due to the pandemic.