The Philippines: Cash remittances hit record high in 2021

  • CASH REMITTANCES sent home by overseas Filipino workers (OFWs) hit a new high in 2021, reflecting the improvement in the global economy amid the coronavirus disease 2019 (COVID-19) pandemic.
  • Data released by the Bangko Sentral ng Pilipinas (BSP) showed cash remittances coursed through banks rose by 5.1% to USD31.4bn in 2021 from USD29.9bn in 2020.
  • 2021’s remittance growth is a turnaround from the 0.8% drop in 2020 but still slower than the 6% expansion estimated by the central bank.
  • Remittances from the Filipinos in the Americas (7.1%), Europe (5.5%), Asia (4.5%), and the Middle East (0.7%) increased in 2021, even as the pandemic continued to affect economies, the BSP said.
  • For Dec 22 alone, remittances jumped 3.3% y/y, marking the 11th straight month of annual growth. The BSP expects cash remittances to grow by 4% in 2022.

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