Cash remittances up 5.1 percent in August to $2.609 billion: BSP

ABS-CBN News

Posted at Oct 15 2021 11:56 AM

MANILA – Cash remittances from overseas Filipinos coursed through banks rose in August, the central bank said Friday.

Cash remittances from OFs grew by 5.1 percent to $2.609 billion in August from $2.483 billion in the same month last year, the Bangko Sentral ng Pilipinas said in a statement. 

“The growth in cash remittances was due to the increase in remittances from land-based workers and sea-based workers,” the BSP said. 

Growth in cash remittances from the United States, Malaysia and South Korea “contributed largely” to the increase for the January to August period this year, data showed.

Highest share of overall remittances came from the US at 40.7 percent in the first 8 months of 2021, followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, South Kora, Qatar and Taiwan, the BSP said. 

Personal remittances, meanwhile, rose 4.8 percent to $2.889 billion in August from $2.756 in the same month last year, which brought the cumulative remittances in the first 8 months to $22.675 billion or 5.9 percent higher compared to $21.414 billion in the same period last year. 

Remittances have defied analyst expectations last year during the COVID-19 pandemic, by contracting slower than expected. 

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