Cash remittances up 2.4 percent in October: BSP


Posted at Dec 15 2021 10:07 AM | Updated as of Dec 15 2021 10:56 AM

MANILA - Cash remittances from overseas Filipinos coursed through banks rose in October, the Bangko Sentral ng Pilipinas said Wednesday.

Cash remittances increased by 2.4 percent in October to $2.812 billion from $2.747 billion in the same month last year, the BSP said in a statement.

"The expansion in cash remittances was due to the increase in receipts from land-based and sea-based workers," the central bank said.

Personal remittance from overseas Filipinos reached $3.117 billion in October or higher by 2.4 percent than the $3.044 billion in the same comparative period, the BSP said.

This brought the cumulative remittance for the first 10 months to $28.816 billion up 5.4 percent from $27.346 billion in the same period last year, data showed. 

The United States, Taiwan and Malaysia largely contributed to the growth in cash remittances for January to October period.

In terms of country sources, the US posted the highest share of overall remittances at 40.9 percent for the first 10 months, followed by Singapore, Saudi Arabia, Japan, the UK, United Arab Emirates, Canada, Taiwan, Qatar and South Korea, the BSP said. 

Remittances remained resilient in 2020 during the peak of the COVID-19 pandemic.


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