MANILA - Cash remittances from overseas Filipinos hit $2.6 billion in September, which was 9.3 percent higher compared to the same month last year, the Bangko Sentral ng Pilipinas said on Monday.
This sent total cash remittances coursed through banks in the January to September period to $21.89 billion, which was still 1.4 percent lower than the $22.19 billion in cash remittances from the same period in 2019.
Cash remittances took a hit this year as the COVID-19 pandemic cost the jobs of thousands of Filipinos abroad.
The largest sources of cash remittances were the United States, Singapore, Saudi Arabia, Japan, UK, UAE, Hong Kong, Qatar and Taiwan, the BSP said. Together, these countries accounted for 78.8 percent of total cash remittances.
Meanwhile, personal remittances also grew 9.1 percent to $2.89 billion, bringing the total for the first 9 months of the year to $24.4 billion.
The Philippines is one of the largest recipients of remittances in the world. Money sent home by Filipinos abroad powers local consumption, which drives the domestic economy.